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 March 30, 2015

News: Pentagon chief mulls easing military enlistment standards - Defense Secretary Ash Carter is considering easing some military enlistment standards as part of a broader set of initiatives to better attract and keep quality service members and civilians across the Defense Department.   Business: Lockheed pays $2 million to settle government overbilling charges - Lockheed Martin Corpor...
 
 

News Briefs March 30, 2015

Landing mishap for military chopper; two aboard unhurt Two Navy officers were unhurt after their helicopter rolled on its side while landing in the Florida Panhandle. The mishap happened the night of March 27 at a Navy landing site in Pensacola, Fla. The Pensacola News Journal reports a pilot instructor and a student were able...
 
 
Air Force photograph by TSgt. Matt Hecht

Laser-based aircraft countermeasure provides ‘unlimited rounds’ against MANPADS

Air Force photograph by TSgt. Matt Hecht A U.S. Army AH-64 Apache attack helicopter prepares to depart Bagram Air Field, Afghanistan, on Jan 7, 2012. The Apache conducts distributed operations, precision strikes against relocat...
 

 

Navy, Air Force advocate for modernizing combat aviation

Top Navy and Air Force officials today told the House Armed Services subcommittee on tactical air and land forces the president’s budget request for fiscal year 2016 will support modernizing combat aviation programs. Cavy Vice Adm. Paul A. Grosklags, principal military deputy to the assistant secretary of the Navy for research, development and acquisitions; Air...
 
 

Raytheon wins $46 million contract for South Korean Global Hawk ground stations

Raytheon has been awarded a contract valued at up to $45.7 million by Northrop Grumman Aerospace Systems for ground segments in support of four Global Hawk unmanned aircraft systems recently purchased by the Republic of Korea. Under this contract, Raytheon will deliver one building-based and one mobile ground segment to locations in South Korea. Work...
 
 
Air Force photograph by SrA. Victor J. Caputo

McConnell community marks B-29 rollout

Air Force photograph by SrA. Victor J. Caputo A B-29 Superfortress aircraft, named Doc after its nose art, sit on the flightline March 23, 2015, in Wichita, Kan. Doc will be one of two Superfortresses in the world capable of fl...
 




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>