Boeing Stock Flies High as 777 Start-Up Spending Ends

Boeing Co.’s stock surged $2 to a record $66 after the company said its second-quarter profit rose a greater-than-expected 14%, mainly because spending to develop the 777 jetliner has been completed.

As expected, Boeing also said it won a $2.25-billion order for 54 of its next-generation narrow-body 737 jets from Beverly Hills-based International Lease Finance Corp. Seattle-based Boeing will begin delivering the jetliners--a still undetermined mix of 737-600s, -700s and -800s--in November, 1997, with the last ones expected to be delivered in 2004.

The world’s largest aircraft maker reported profit from operations of $254 million, or 74 cents a share--exceeding the average estimate of 47 cents from 13 analysts polled by Zacks Investment Research. A year ago, the company had net income of $222 million, or 65 cents a share.

Boeing’s revenue climbed 3.7%, to $5.56 billion from $5.40 billion.