Boeing posts massive second quarter earnings beat

Boeing was among the top gainers on Wall Street on Thursday after the aerospace giant blew past the Street's estimates with a surprise profit.

"While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," Boeing chief, David Calhoun, said.

"As we continue to position for a robust recovery, we remain committed to safety and quality, while investing in our people, products and technology."

For the second quarter of the year, Boeing reported a 44% jump in revenues to $17.0bn (FactSet: $16.6bn).

That pushed the jet builder from a net loss of $2.4bn one year ago to a profit of $567m this time around.

Core earnings per share meanwhile came in at $0.40 (consensus: -$0.83), against the year earlier figure of -$4.79.

The company nevertheless continued to be cash flow negative, although free cash flow did improve massively, from -$5.63bn one year back to -$0.71bn.

Net debt was roughly unchanged at $63.6bn.

As of 1907 BST, shares of Beoing were trading higher by 4.15% to $231.50.