Pension expense hurts Boeing's profit

The first Boeing 787 Dreamliner takes off on its initial flight in 2009. After years of delays, the Dreamliner program is still seen as struggling, and today, its leader was replaced by the head of the 777 program.
Daniel Terdiman/CNET

Pension expenses reduced Boeing Co.'s (BA) third-quarter profit, but its commercial airplanes and defense businesses made more money during the quarter.

For the quarter that ended Sept. 30, Boeing's net income fell 6 percent to $1.03 billion, from $1.1 billion a year ago. The profit amounted to $1.35 per share. It would have been higher by 18 cents per share if not for increased pension expenses.

Analysts surveyed by FactSet were expecting a profit of $1.12 per share.

Revenue rose 13 percent to $20 billion as the pace of commercial airplane deliveries picked up. That matched analyst expectations.

Boeing now expects to earn $4.80 to $4.95 per share this year, up from previous guidance of $4.40 to $4.60 per share. Analysts had been expecting $4.72 per share.