Boeing soars on strong demand for new planes

Source: AP-Excite

By JOSHUA FREED

Boeing is riding a wave of demand for new fuel-efficient planes from airlines around the globe. Now the trick is to build them fast enough.

With a backlog of orders worth $344 billion, Boeing has been speeding up production of its big commercial planes. It now says it will boost output of the new 787 by 40 percent by the end of the decade.

On Wednesday, Boeing reported a better-than-expected third-quarter profit and raised its full-year outlook. Its shares hit an all-time high.

Along with automakers, aerospace companies like Boeing have been a source of manufacturing strength, offsetting the recent struggles of other big manufacturers like Caterpillar. On Wednesday, Caterpillar said a steep drop-off in its mining business reduced revenue by $11 billion compared to last year. The maker of mining and construction equipment reduced its profit guidance for the second time in three months.

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Read more: http://apnews.excite.com/article/20131023/DA9K3JLG1.html

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The Boeing Company logo is seen on the property in El Segundo, Calif., in this Jan. 25, 2011 file photo. Boeing is expected to announce third-quarter earnings later Wednesday Oct. 23, 2013. (AP Photo/Reed Saxon, File)