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Defence wins fire Boeing into profit

Boeing has swung back to profit column with net earnings of $607m in the second quarter, compared with a $192m loss a year ago, on a rise in defence contract revenues.

Revenues increased 3% from the same period last year to just over $13 billion.

A highlight of the April-June period was Boeing's winning of a $3.9 billion contract to design the US Navy's Multi-mission Maritime Aircraft (MMA).

The Aircraft and Weapon Systems unit showed revenues up 5%, while Boeing's Network Systems delivered a 22% rise in revenues.

But the commercial division struggled, as revenues fell 3% to $5.7 billion even though deliveries increased to 75 planes during the second quarter. The lower results reflect a higher proportion of deliveries of lower-price 737s.