Boeing Co reported a better-than-expected profit on Wednesday, but cut its full-year forecast for margins in its defense business citing higher costs in the KC-46 aerial refueling tanker program.
Shares of the world's biggest planemaker fell 3 percent after the planemaker said it expects 2018 operating margin of 10 percent-10.5 percent in its defense business, down from its previous forecast of 11 percent.
The company raised it full-year revenue forecast, but kept its earnings per share and cash flow forecasts unchanged.
Core earnings for the second quarter were $3.33 per share in the quarter, beating the average analyst estimate of $3.26 per share, according to Thomson Reuters.
Overall revenue rose 5 percent to $24.26 billion, also beating estimates, while commercial aircraft deliveries rose 6 percent to 194 aircraft.
For the full year, company said it expects revenue of $97 billion to $99 billion, compared with its previous estimate of $96 billion-$98 billion.
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First Published: IST