(AFP) US aerospace and defense giant Boeing on Wednesday reported lower third-quarter profit than a year ago but hiked its full-year forecast.

The Boeing Company said net income fell 6.0 percent from a year ago to $1.03 billion, but earnings per share were $1.35, well above analyst estimates of $1.13.

Revenue jumped 13 percent to $20.01 billion, slightly more than the $20.03 billion expected by Wall Street.

“Strong core operating performance drove increased earnings in both our major businesses, along with higher overall revenues, improved cash flow, and solid earnings per share even as pension headwinds rose,” said Boeing chairman, president and chief executive Jim McNerney.

Boeing raised its 2012 forecasts to earnings per share between $4.80 and $4.95, compared with the prior estimate of $4.40-$4.60.

Revenue was expected to come in between $80.5 billion and $82.0 billion for the full year, instead of the $79.5-$81.5 billion projection provided in the second quarter

SOURCE AFP