Business

October 24, 2012

Pension expense hurts Boeing third quarter net

Boeing said its net income this year will be bigger than it had expected as deliveries of commercial airplanes picks up.

Higher pension expenses hurt Boeing’s third-quarter profit, but other measures for the big airplane maker and defense contractor were strong. Profits rose in both its commercial and defense units. And it reaffirmed plans to deliver 585 to 600 commercial planes this year.

For the quarter that ended Sept. 30, Boeing’s net income fell 6 percent to $1.03 billion, from $1.1 billion a year ago. The profit of $1.35 per share would have been higher by 18 cents per share if not for increased pension expenses. During the same period last year, it earned $1.46 per share.

Analysts surveyed by FactSet were expecting earnings of $1.12 per share for the most recent quarter.

Revenue rose 13 percent to $20 billion as the pace of commercial airplane deliveries picked up. That matched analyst expectations.

Chicago-based Boeing Co. now expects to earn $4.80 to $4.95 per share this year, up from previous guidance of $4.40 to $4.60 per share. Analysts had been expecting $4.72 per share.

Boeing’s commercial airplanes unit saw operating earnings rise 6 percent to $1.15 billion for the quarter. It delivered 149 planes during the most recent quarter, up from 127 a year ago. Boeing delivered its first 787 last year and has been speeding up deliveries in earnest. It is also speeding production of its profitable 777. Revenue from commercial planes jumped 28 percent to $12.19 billion in the most recent quarter.

Earnings in Boeing’s defense, space, and security unit rose slightly to $827 million. Revenue fell 4 percent to $7.84 billion. Defense contractors in general have been struggling with tighter military spending, and the threat of more reductions to come, in both the U.S. and overseas.

 




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


 
 

 

Headlines April 23, 2014

News: U.S. conducts spy flights over Russia - After a tit-for-tat series of delays, the United States conducted an Open Skies Treaty intelligence flight over Russian territory April 21, a State Department official said.  Army paratroopers heading to Poland after Russian annexation of Crimea - U.S. Army paratroopers are arriving in Poland to begin a series of...
 
 

News Briefs April 23, 2014

U.S. military deaths in Afghanistan at 2,177 As of April 22, 2014, at least 2,177 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. The AP count is one less than the Defense Department’s tally. At least...
 
 

Northrop Grumman sets new greenhouse gas emission reduction goal of 30 percent by 2020

Northrop Grumman announced April 22 its commitment to reduce greenhouse gas emissions by 30 percent from 2010 levels by 2020, as part of its commemoration of Earth Day.   “Northrop Grumman is dedicated to top performance in environmental sustainability,” said Wes Bush, chairman, chief executive officer and president. “This new goal sets the bar significantly...
 

 

Lockheed Martin demonstrates enhanced ground control system, software for small UAV

Lockheed Martin’s Group 1 family of unmanned aircraft systems is migrating to enhanced automation capabilities using its Kestrelô “Fly Light” flight control systems and industry-leading mobile Ground Control Station software. The increased automation allows operators to focus on executing the mission, rather than flying various aircraft. Earlier this year, Lockheed MartinR...
 
 

U.S. Navy awards General Dynamics $33 million to operate, maintain military sealift ships

The U.S. Navy has awarded General Dynamics American Overseas Marine LLC a $32.7 million contract modification to operate and maintain seven large, medium-speed, roll-on / roll-off ships for the Military Sealift Command. AMSEA is a wholly owned subsidiary of General Dynamics. Under the terms of the modification, AMSEA will provide services including crewing, engineering, maintenance,...
 
 

US Navy deploys Standard Missile-3 Block IB for first time

In partnership with the Missile Defense Agency, the U.S. Navy deployed the second-generation Standard Missile-3 Block IB made by Raytheon for the first time, initiating the second phase of the Phased Adaptive Approach. “The SM-3 Block IB’s completion of initial operational testing last year set the stage for a rapid deployment to theater,” said Dr....
 




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=""> <strike> <strong>