Boeing's fourth quarter core profits up 29%

Wednesday 29 January 2014 15.16
Boeing expects to deliver more planes this year
Boeing expects to deliver more planes this year

Aerospace and defence company Boeing today reported net profit that beat expectations for the fourth quarter and said it expected deliveries of commercial airplanes to surge in 2014.

Chicago-based Boeing said net income in the quarter rose to $1.23 billion, or $1.61 a share, from $978m, or $1.28 a share, a year earlier.

Quarterly revenue rose to $23.8 billion from $22.3 billion.

Core earnings, which exclude some pension expenses, rose 29% to $1.84 billion, or $1.88 a share, compared with $1.46 a share a year earlier.

Analysts had expected core earnings per share of $1.57 for the fourth quarter, and revenue of $22.7 billion

Boeing said it would deliver between 715 and 725 commercial airplanes this year, a possible increase of nearly 12% from a record 648 in 2013.

It expects core earnings to rise to as much as $7.20 a share in 2014, up less than 2% from $7.07 a share for 2013.

Boeing's results included a non-cash charge of $406m to settle litigation over the canceled A-12 stealth bomber programme.

The US Justice Department announced a settlement with Boeing and General Dynamics last week that includes three additional EA-18G fighter jets, which will be paid for by Boeing.