Boeing’s long struggle getting its Dreamliner production lines operating smoothly is finally paying off.
According to news sources, the company’s revenues and earnings jumped in the third quarter, driven by stronger deliveries of its commercial airplanes including the 787 Dreamliner.
Buoyed by those strong results, the company Wednesday announced it will increase 787 production to 12 monthly from 10 in 2016 and to 14 monthly by the end of the decade. Boeing builds the Dreamliner on three production lines, two at its Everett plant and one in Charleston, S.C.
The company told analysts it is reconfiguring its production lines both in Everett and Charleston to incorporate changes that will make them more productive and efficient.
The 787 entered commercial service more than three years behind schedule because of production issues particularly with Boeing’s major partners who shouldered a larger-than-usual share of the plane’s design and construction burden.
Boeing reported earnings per share rose by 16 percent to $1.80 not including extraordinary items that the company believes don’t reflect Boeing’s continuing financial situation. Revenues increased by 11 percent to $22.1 billion.
The higher earnings were above Wall Street’s predictions. Boeing surged 5.3 percent to $129.02a share on news of the better-than-expected earnings. Boeing announced that its projection for full-year profits is increasing to between $6.50 and $6.65 a share.