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How Boeing Beat Estimates and Raised Guidance

Boeing Co. (NYSE: BA) reported third-quarter 2016 results before markets opened Wednesday. The aerospace company posted adjusted diluted earnings per share (EPS) of $3.51 on revenues of $23.9 billion. In the same period a year ago, the company reported earnings per share (EPS) of $2.52 on revenues of $25.85 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $2.62 and $23.64 billion in revenues.

The company raised its adjusted EPS guidance for the full year from a prior range of $6.40 to $6.60 to a new range of $6.80 to $7.00. Full-year revenue guidance of $93 billion to $95 billion was raised by $500 million at each end of the range, and operating cash flow guidance was unchanged at about $10 billion.

The entire increase in EPS guidance is due to a $0.70 per share gain on a tax benefit. A favorable tax adjustment added $0.28 to third-quarter profits as well.

For the first nine months of 2016, operating cash flow totals $7.67 billion...