Boeing has soaring report

Shares of aerospace giant Boeing Co. briefly hit an all-time high Wednesday after the company posted a larger-than-expected 13 percent jump in second-quarter profit that was driven by higher deliveries of passenger jets.

Boeing reported a profit of $1.09 billion, or $1.41 a share. Excluding pension obligations, the company earned $1.67 a share. That compares with $967 million, or $1.27 a share, a year earlier.

Revenue rose 9 percent to $21.8 billion from $20 billion.

Analysts, on average, had estimated earnings of $1.58 a share on revenue of $20.8 billion.

The Chicago company’s run of good fiscal fortune comes even as it has wrestled problems with its flagship jet, the 787 Dreamliner. Most recently, a fire broke out July 12 on an empty Ethiopian Airlines 787 parked at London’s Heathrow Airport.

“Our customers have grown to appreciate the game-changing nature of this airplane,” Chief Executive James McNerney said in a conference call with analysts.

Last week, the Federal Aviation Administration said it was developing regulations to require airlines operating 787s to inspect a device, called an emergency locator transmitter, after it was found to be at fault in the London fire.

“While we are limited in what we can say publicly by the rules of the investigation, we are working closely with the U.K. air accident investigation branch and other parties to fully understand the incident,” McNerney said.

During the quarter ended June 30, the company delivered 16 of its twin-aisle 787s, compared with six in the same period last year.

Boeing had not been allowed to deliver any new 787s for nearly four months until April, because of safety concerns involving overheating issues with the plane’s lithium-ion battery system.

But the company resumed deliveries during the quarter. Boeing said it was still on track to deliver more than 60 of the planes during 2013, as it originally planned.

On Wednesday, Boeing’s shares hit an all-time high of $109.07 before sinking in afternoon trading.