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From the U.S., Boeing Q4 profit takes off on commercial plane deliveries

Thursday, January 26, 2012 by Proactive Investors
From the U.S., Boeing Q4 profit takes off on commercial plane deliveries

Aerospace giant Boeing Co. (NYSE:BA) on Wednesday said fourth-quarter profit rose on stronger commercial plane deliveries.

For the quarter that ended December 31, net profit amounted to $1.4-billion, or $1.84 per share, far surpassing Wall Street expectations of $1 per share.

Last year, Boeing posted fourth-quarter earnings of $1.2 billion, or $1.56 per share.

Revenue came in at $19.56 billion, also better than expected.

Boeing chairman, president and chief executive officer, Jim McNerney, said: "Strong fourth-quarter operating performance, record revenue and backlog, and expanded earnings and cash flow capped a year of substantial progress for Boeing in 2011.

"Major accomplishments of our team during the year included certifying and delivering the first 787s and 747-8s, winning the US Air Force Tanker program, launching the 737 MAX, and securing both an important US missile defense contract and a key agreement for F-15s to Saudi Arabia."

Revenue for Boeing’s commercial planes division increased by 31 percent to $10.7 billion while revenue for its defense, space and security business rose four percent to $8.5 billion.

During the quarter, the company delivered 128 commercial planes, up from 116 a year ago.

Total order backlog at the end of the quarter was $356 billion, up from $320.9 billion a year earlier, and $331.6 billion in the prior quarter.

Boeing's commercial business has been benefiting from a global expansion of passenger air travel.

The company's latest 787 airliner entered commercial service with Japan's ANA carrier in late 2011.

For 2012, Boeing forecast it will deliver between 585 to 600 commercial airliners, up from 477 last year.

Boeing also said it expects to earn between $4.05 and $4.25 per share this year, on revenue of $78 to $80-billion.

That trailed the $4.89 estimate of 27 analysts surveyed by Bloomberg.

"We enter 2012 with renewed momentum, and proven business and product strategies. With a record backlog and intense focus on productivity, we are well positioned to deliver growth and increased competitiveness, even as we face constrained US defense spending and pension headwinds," McNerney concluded.

 

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