Boeing Co. reported healthy increases in revenue and earnings for the second quarter and first half of 2013, prompting the aerospace titan to raise its full-year guidance.
Second-quarter revenue was up 9 percent year-over-year to $21.8 billion, while core earnings per share were up 13 percent to $1.67.
Fueled by lusty global demand for commercial airplanes
, Boeing's backlog grew to a company-record $410 billion during the quarter.
Boeing's first-half revenue was up 3 percent year-over-year to $40.7 billion, while core earnings per share soared 18 percent to $3.40.
"Overall, our strong first-half performance and positive outlook allows us to raise our 2013 earnings and revenue guidance, and our team remains intensely focused on execution, productivity and quality to meet our customer commitments and further drive growth," Boeing CEO Jim McNerney said in a news release.
Dreamliner Woes Behind Boeing?
Boeing began the year on an inauspicious note. In January, lithium-ion batteries overheated on two of its 787 Dreamliners, prompting the company to temporarily pull the heralded jet from service.
Boeing developed an improved battery system as well as a new steel enclosure to protect the airplane if the battery overheats. The company retrofitted previously delivered Dreamliners during the second quarter.
Boeing delivered 16 Dreamliners during the quarter, and the company has said that it will complete all planned deliveries of the 787 by the end of the year.
Overall, Boeing's commercial-airplane division booked 481 net orders during the quarter.
Meanwhile, the company's defense, space and security division—which began the year under the specter of sequestration—"delivered improved margins and market share in a tough market," McNerney said.