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Boeing raises guidance as plane sales swell

Soaring demand from commercial airlines has driven another surge in revenues for Boeing over the past year
Soaring demand from commercial airlines has driven another surge in revenues for Boeing over the past year

Boeing today topped analysts' forecasts for quarterly profit and raised its forecasts for annual profit as it continued to benefit from a boom in global air travel and demand for airplanes. 

Soaring demand from commercial airlines has driven another surge in revenues for Boeing over the past year.

This has pushed shares in the company up by roughly a third over the past 12 months. 

Those moves have been dented somewhat by a combination of the trade worries, this year's greater market volatility and a series of recurring charges for its KC-46 tanker programme. 

Boeing recorded another $176m in charges in the quarter on the aerial refueling tanker, bringing the total cost of the programme to more than $3 billion. 

It also took a charge of $691m related to the MQ25 refueling drone and T-X training jet contracts it won in August and September, offset in part by a $412m tax benefit. 

The Chicago-based firm's core earnings, which exclude some pension and other costs, came in 11 cents above analysts' average forecast at $3.58 per share in the quarter ended September 30. 

Boeing has delivered 568 aircraft in the first nine months of 2018, up from 554 at the end of September a year ago, putting it on track to deliver another record year of plane sales. 

That keeps the Chicago-based manufacturer, which aims to deliver between 810-815 planes in 2018, in front of its European rival Airbus, which delivered 503 aircraft up to September this year. 

Boeing raised its full year profit forecast to $14.90-$15.10 from a previous $14.30-$14.50 per share, and revenue to a range of $98 billion to $100 billion, up from $97 billion to $99 billion.