Boeing ups outlook on profit rise

Boeing has nearly 700 orders for the 787 Dreamliner

US aerospace group Boeing has raised its full-year profit forecasts after unveiling higher-than-expected profits.

Profits for April-to-June period rose to $1.1bn (£536m), or $1.35 a share, against a loss of $110m last year, and above forecasts of $1.16 a share.

The company added that commercial deliveries had also risen by 18% to 114 planes - its highest level since 2001.

Boeing is engaged in a battle with European rival Airbus to become the world's biggest selling plane maker.

The Chicago-based firm booked orders for 360 commercial planes during the last quarter, leaving it trailing Airbus by 153 planes

But, the firm is putting its faith in demand for its new mid-sized, long-haul 787 Dreamliner jet which has should go into service next year. Boeing has 683 firm orders for the Dreamliner plane.

Airbus's answer to the plane, the A350 XWB, is not expected to enter service for another five years as a result of a redesign.

Looking ahead, Boeing raised its profit forecast for the current year to between $4.80-$4.95 a share from previous estimates of $4.55-$4.75 a share.