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Boeing shares surge as it lifts outlook

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New York: Boeing shares surged after it reported better-than-expected quarterly earnings, lifted its full-year profit forecast and announced $3.5 billion in additional 2017 share repurchases.


Shares of the aerospace giant finished up nearly 10 per cent at $233.45, boosting the Dow index into record territory. “Our teams are delivering better performance in every segment of the business,” Chief Executive Dennis Muilenburg said in a news release.


“Our robust cash flow enabled us to return more value to shareholders, invest in future growth and in our people, including a plan to accelerate pension funding that also reduces risk and cyclicality in our business.” The results showed how cost-cutting has helped offset the effects of lower commercial plane deliveries in the first half of 2017, compared with the year-ago period. Boeing has cut about 6,000 jobs since January.


Net income in the second quarter was $1.8 billion, compared to the $234 million loss in the same period of 2016 due to one-time costs on its military and commercial aircraft programmes. — AFP


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