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Defense Work Slows Boeing's Slide; Earnings Beat Analysts' Estimates.

By Melissa Allison, Chicago Tribune Knight Ridder/Tribune Business News

Oct. 30--Strong growth in Boeing Co.'s defense business sent the company's earnings higher than expected, despite a dismal quarter for its commercial airplane unit.

Chicago-based Boeing's 31 percent drop in net income, to $256 million, or 32 cents a share, was seven cents better than analysts had predicted. Revenues for the third quarter were $12.2 billion.

Boeing shares rose $2.46 a share, or 6.8 percent, Wednesday to $38.50, one of the company's best single-day increase

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