US aerospace giant Boeing said today that its quarterly profits fell to $694m from a year ago, partly as it had to absorb charges related to its pulling the plug on an in-flight Internet service.
The Chicago-based aerospace group, which also makes defence and space equipment, said its third-quarter net profits declined to $694m, compared with $1 billion in the same period of 2005.
Boeing's earnings per share for the quarter came in at 89 cents, compared with $1.26 dollars a year ago. Earnings still came in ahead of the forecasts of most Wall Street analysts, who had anticipated earnings of 63 cents per share.
'As we continue to drive our growth and productivity efforts, we aim to achieve a new level of consistently strong financial performance,' said Boeing's CEO Jim McNerney.
Revenues came in at $14.7 billion for the quarter, up 19% from the third quarter of 2005.
Boeing said in a statement that its earnings had been impacted by its exiting of an in-flight Internet service called Connexion.
The company had previously disclosed a 22 cents per share charge for the quarter in relation to its winding up of the programme, which had sought to provide high-speed Internet service on its planes but did not win enough support from airlines.
