THE BOEING CO. $76 - New York symbol BA

THE BOEING CO. $76 (New York symbol BA; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 754.1 million; Market cap: $57.3 billion; Priceto- sales ratio: 0.7; Dividend yield: 2.6%; TSINetwork Rating: Above Average; www.boeing.com) continues to receive orders for its new 787 Dreamliner and 737 MAX passenger jets.

In the three months ended September 30, 2012, Boeing booked orders for 369 planes, net of cancellations. Its commercial aircraft division, which supplies 60% of its total revenue, now has a $307-billion backlog that consists of over 4,100 planes. The company’s military division (40% of revenue) also continues to win new orders. Its backlog is $71 billion.

As a result, Boeing’s overall revenue rose 12.9% in the quarter, to $20.0 billion from $17.7 billion a year earlier. However, a $194-million increase in pension costs caused its earnings to fall 6.0%, to $1.0 billion from $1.1 billion. Earnings per share fell 7.5%, to $1.35 from $1.46, on more shares outstanding.

The company still expects to deliver 585 to 600 commercial aircraft in 2012, up from 477 in 2011. However, proposed cuts to U.S. military spending could slow Boeing’s overall earnings growth.

The stock trades at 15.3 times Boeing’s likely 2012 earnings of $4.98 a share. The company recently raised its dividend by 10.0%. The new annual rate of $1.94 a share yields 2.6%.

Boeing is a buy.

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