Boeing profit dips but outlook for 2005 raised

CHICAGO (AP) _ Boeing reports a seven-percent drop in second-quarter profits -- but still beat Wall Street's expectations. <br/><br/>The aerospace firm boosted its earnings outlook for the year due

Wednesday, July 27th 2005, 9:22 am

By: News On 6

CHICAGO (AP) _ Boeing reports a seven-percent drop in second-quarter profits -- but still beat Wall Street's expectations.

The aerospace firm boosted its earnings outlook for the year due to expected strength in its core commercial airplane and defense units. Shares of Boeing rose to a new 52-week high on the news.

The Chicago-based company said it earned 70 cents per share for the April-June period. That's down from 75 cents a share a year earlier. The company's net earnings fell in part because of a 23 cents-a-share benefit from a tax refund in last year's second quarter.

Excluding a nine-cent charge related to the sale of commercial airplane facilities in Wichita and Oklahoma, Boeing said its earnings in the latest quarter were 79 cents per share. The average estimate of analysts was 61 cents a share.