Boeing Beats Estimates, Sees Little Financial Impact From 787 Plight
CHICAGO (TheStreet) -- Boeing (BA) beat fourth-quarter earnings estimates and said it sees "no significant financial impact" from the ongoing grounding and regulatory review of its showcase 787 jet.
Excluding items, Boeing earned $978 million, or $1.28 a share, in the quarter. Analysts surveyed by Thomson Reuters had estimated $1.19 a share. Revenue rose 14% to $22.3 billion. Analysts had estimated $22.4 billion. In the same quarter a year earlier, Boeing earned $1.4 billion, or $1.84 a share.
Including items, Boeing earned $978 million, or $1.28 a share, down from $1.69 billion, or $1.92 a share, last year.
"Strong fourth-quarter operating performance capped a year of significant growth and solid execution, driving higher earnings and cash flow for our company," said CEO Jim McNerney, in a prepared statement.
But McNerney noted that Boeing must address the 787 review. "Our first order of business for 2013 is to resolve the battery issue on the 787 and return the airplanes safely to service with our customers," he said.
Looking ahead, Boeing said it expects full-year earnings excluding items between $5 and $5.20 a share. Analysts had been estimating $5.13. The company expects revenue of $88.1 billion; analysts estimated $88.2 billion.
-- Written by Ted Reed in Charlotte, N.C.
>To contact the writer of this article, click here: Ted Reed