Business

April 25, 2012

Boeing first quarter earnings, revenue rise on aircraft sales

Boeing says its first-quarter earnings jumped 58 percent on higher revenue from sales of commercial airplanes, helping it overcome slow growth in its defense business.

The company raised its 2012 profit forecast.

Boeing said April 25 that it earned $923 million, or $1.22 per share, compared with $586 million, or 78 cents per share, a year ago. It topped the forecast of analysts, who expected 96 cents per share, according to FactSet.

Revenue rose 30 percent, to $19.38 billion, beating the $18.45 billion forecast by Wall Street.

The gains were driven by strength in sales of commercial airplanes. Many airlines are updating their fleets and ordering more fuel-efficient planes to cope with higher jet fuel prices.

The company delivered 137 commercial aircraft in the first quarter, up from 104 a year earlier. It increased its backlog to $380 billion with more than 300 orders for a new version of its workhorse 737 jetliner, which is expected to be ready in a few years to compete with a plane being developed by European rival Airbus.

Revenue from commercial planes jumped 54 percent, to $10.94 billion, while revenue from defense and space work grew just 8 percent, to $8.23 billion, reflecting tighter government budgets. The backlog of military planes grew 20 percent to $72 billion on orders for F-15 fighter jets and C-17 cargo planes.

Chicago-based Boeing said it expects 2012 net income of $4.15 to $4.35 as it sets aside less money for litigation. In January, it predicted earnings of $4.05 to $4.25 per share for the year. The new range is still below the $4.48 per share that analysts expect. AP

 




All of this week's top headlines to your email every Friday.


 
 

 

Boeing, Jet2.com finalize order for 27 Next Generation 737-800s

Boeing and UK Leisure Airline Jet2.com have finalized an order for 27 Next Generation 737-800s, valued at approximately $2.6 billion at current list prices. Jet2.com currently operates an all-Boeing fleet of nearly 60 aircraft; however, this is the organization’s first direct Boeing order.† The aircraft will be used to take the company’s package holiday and...
 
 
boeing-emirates

Boeing, Emirates celebrate airline’s 150th 777 delivery

Boeing and Emirates Airline Sept. 3 celebrated the simultaneous delivery of three 777s — two 777-300ERs and one 777 Freighter — marking the entry of the 150th 777 into Emirates’ fleet. The delivery marks the first tim...
 
 

U.S. Air Force selects Chromalloy for F108 gas turbine engine module repairs

Chromalloy announced Sept. 2 that it has been selected by the U.S. Air Force to provide repairs on low pressure turbine modules for the F108 aircraft engine fleet, in a contract valued at up to $74 million. The one-year agreement was contracted by the Tinker Air Force Base in Oklahoma and includes four one-year options...
 

 
raytheon-colorado

Raytheon expanding in Colorado Springs

Raytheon will speed up growth of its Colorado Springs presence after signing a $700 million multi-year indefinite-delivery/indefinite-quantity contract to support operations at NORAD’s Cheyenne Mountain Complex. Under the...
 
 

Raytheon awarded $33 million sonar system contract

The U.S. Navy has awarded Raytheon a $33 million contract for the production, integration, testing and delivery of AN/AQS-22 Airborne Low Frequency Sonar (ALFS) systems. The contract includes an option for additional systems for U.S. inventory and potential Foreign Military Sale. The option, if exercised, would bring the cumulative value of this contract to more...
 
 
DOD photograph by Air Force MSgt. Adrian Cadiz

Carter announces manufacturing initiative to aid war fighters

DOD photograph by Air Force MSgt. Adrian Cadiz Defense Secretary Ash Carter announces the creation of a National Manufacturing Innovation Institute to produce hybrid electronics during a speech at the National Full Scale Aerody...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>