Boeing Co. (NYSE: BA) reported financial results for the second quarter of its 2012 year Wednesday, reporting revenue growth in both of its major businesses compared to the same period in 2011.
Quarterly Defense, Security & Space revenue grew 7 percent over the second quarter of 2011 as:
- military aircraft revenue rose 13 percent to $4.13 billion on higher delivery volume
- global services and support revenue increased 11 percent to $2.175 billion in part to an uptick in integrated logistics volume.
Earnings from global services and support operations rose 18 percent year-over-year and the network and space systems segment won its first international cybersecurity award during the quarter.
The company reported its Defense, Space & Security backlog held even at $72 billion, more than twice the amount of Boeing’s projection for the unit’s 2012 revenue.
These results helped drive company-wide revenue up 21 percent year-over-year to more than $20 billion and profit up 3 percent to $967 million, or $1.27 per share, up from $1.25 per share in the prior year period.
“Commercial airplane deliveries increased 27 percent in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment, ” said Chairman, President and CEO Jim McNerney.
“As a result of this solid first-half performance, we have strengthened our outlook for the year.”
