Boeing profit climbs 61 percent in 3rd-quarter on higher deliveries

Boeing Co., the world's No. 2 commercial airplane maker, said Wednesday that its third-quarter profit climbed 61 percent, thanks to higher commercial airplane deliveries and growth in its defense business.

For the quarter ending Sept. 30, Boeing's profit rose to $1.1 billion, or $1.44 per share, up from $694 million, or 89 cents per share, a year ago.

Revenue rose 12 percent to $16.5 billion from $14.7 billion a year ago, beating Wall Street expectations.

On average, analysts surveyed by Thomson Financial forecast earnings per share of $1.24 on $16 billion in revenue.

The Chicago-based company is on pace to overtake rival Airbus as the world's largest commercial airplane maker within a year.