Boeing profit falls below expectations

Boeing, the No. 2 commercial plane maker and defense contractor behind Airbus, said second-quarter profit fell 19 percent as costs related to a delayed military aircraft program undercut benefits from the highest deliveries since 2001. Net income declined to $852 million, or $1.16 a share, from $1.05 billion, or $1.35 a share, a year earlier. Revenue was little changed at $17 billion, even as Boeing built the most planes in a quarter since the final three months of 2001, the Chicago-based company said in a PR Newswire statement today. The results trailed the $1.22 a share average estimate of 12 analysts surveyed by Bloomberg. Revenue fell short of their $17.3 billion... [read full story]