Boeing today posted its largest quarterly profit in nearly four years, earning $1.1 billion (£536 million) in the second quarter, or or $1.35 per share.

Shares in the planemaker climbed as much as 6 per cent, to an all-time high of $110, in electronic trading ahead of the bell in New York, before falling back to $106.63.

The results easily beat analyst expectations. For the same period a year earlier, the company had posted a $160 million loss.

Second-quarter revenue climbed 14 per cent to $17 billion, from $15 billion, again outstripping Wall Street forecasts.

Boeing is on course to overtake Airbus in terms of deliveries by early next year on momentum from the 787 Dreamliner, which has 683 firm orders from nearly 50 customers.

Boeing today said that it expects the plane to be rolled out on time in May 2008. However, it added that it would boost its forecast for 2007 research and development expenses to $3.7 billion — from a range of $3.2 billion to $3.4 billion — to keep the 787 on schedule.

For the full-year, Boeing raised its earnings forecast to $4.80 to $4.95 a share, up from its previous range of $4.55 to $4.75 a share.

“Although the increase to R&D will not go unnoticed today, we think that the solid operational performance, raise to guidance and continuing strength in commercial demand should be generally well received by investors,” Robert Stallard, analyst at Banc of America Securities, wrote in a research note.

Boeing’s commercial aircraft division saw its second-quarter deliveries grow 18 per cent to 114, up from 97. The division’s revenue grew 22 per cent to $8.7 billion while earning $960 million.

“Our results and increased outlook reflect strong markets, preferred products and services, and a focus on execution, growth and productivity,” Jim McNerney, the chairman and chief executive , said in a statement.

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