Military focus pays off for Boeing

Boeing Co., the second-biggest US defence contractor, earned a second-quarter profit on higher military sales and raised its forecast for earnings and commercial aircraft deliveries next year.

Net income was $607m, or 75 cents a share, compared with a net loss of $192m, or 24 cents, a year earlier.

Revenue rose 3% to $13.1 billion on higher military sales. Boeing said it expects to deliver 320 planes next year, up from 300 because of rising demand for its 737 model from low-fare carriers.

CEO Harry Stonecipher has relied on growth in Boeing’s defence business to soften the 46% fall in commercial aircraft deliveries in the past two years after the Sept. 11, 2001, terrorist attacks.