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.


 
 

 
Virgin Galactic photograph

NTSB concludes SpaceShipTwo flight test accident investigation

Virgin Galactic photograph WhiteKnightTwo and the first SpaceShipTwo during a captive carry test flight over the Mojave Desert. MOJAVE, Calif.–The National Transportation Safety Board has concluded the investigation of th...
 
 

Lockheed Martin, StemRad studying first-responder radiation shield for potential deep-space application

StemRad, Ltd. and Lockheed Martin have initiated a joint research and development effort to determine if StemRad’s radiation shielding technology ñ originally designed for first-responders ñ could help to keep astronauts safe on deep-space exploration missions. This collaboration is part of Lockheed Martin’s ongoing effort to establish international partnerships for human explorat...
 
 

General Dynamics to continue modernizing submarine tactical weapons systems

General Dynamics has received a $20 million contract modification from the U.S. Navy to continue modernizing the AN/BYG-1 Weapons Control System Technology Insertion and Advanced Processing Build software for U. S. Navy and Royal Australian Navy submarines. The AN/BYG-1 software analyzes and tracks submarine and surface-ship contact information, providing tactical, situational awareness for sub...
 

 

Boeing, Vietnam Airlines sign exclusive pilot training agreement

Boeing and Vietnam Airlines announced a five-year exclusive pilot-training agreement to support the Hanoi-based airline’s 787 Dreamliners. Under the agreement, Boeing Flight Services, a business unit of Boeing Commercial Aviation Services, will provide flight training for the airline’s new 787 Dreamliner fleet at Boeing’s Singapore training campus. Nearly 90 Vietnam Airlines p...
 
 
boeing-launch

Boeing WGS-7 satellite to provide military with 17 percent more bandwidth

Boeing’s seventh Wideband Global SATCOM satellite is now in orbit and will soon provide the U.S. and allied militaries with 17 percent more secure communications bandwidth than its predecessors thanks to a payload upgrade. ...
 
 

Boeing, Japanese partners formally sign agreement on 777X

Boeing and key Japanese partners July 23 signed a formal agreement for significant work on Boeing’s new 777X airplane. The agreement finalizes last year’s announcement by Boeing, Japan Aircraft Industries and Japan Aircraft Development Corporation of a Memorandum of Agreement to provide approximately 21 percent of the major airplane structure components for the 777X. The...
 




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>