Business

July 25, 2014

Commercial jets push Boeing profits up 52 percent

Increased production of passenger jets helped push up Boeing’s profit by 52 percent in the second quarter, topping Wall Street’s expectations.

The Chicago-based company said net income increased to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, in the same quarter a year ago.

Earnings, adjusted for non-recurring costs, came to $2.42 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.02 per share.

Boeing said July 23 that revenue climbed 1.1 percent to $22.05 billion from $21.82 billion in the same quarter a year ago. Analysts expected $22.32 billion, according to Zacks.

Revenue at Boeing’s Commercial Airplanes division increased 5 percent to $14.3 billion on higher deliveries – 181 new jets, compared to 169 during the same period last year.

Those gains were partially offset by a 5 percent drop in the company’s defense, space and security division’s revenues to $7.7 billion. The largest problem for that division was fewer deliveries of its C-17 and P-8 military planes, and a pre-tax charge related to its KC-46A tanker program.

ìWhile challenges resolving engineering and systems installation issues on our tanker test aircraft are resulting in higher spending to maintain schedule, the issues are well understood and we remain on path to begin flight testing fully provisioned tankers the first part of next year,î CEO Jim McNerney said in a statement.

Boeing also increased its earnings guidance for the year to $6.85 to $7.05 per share, up from a range of $6.10 to $6.30. Its annual revenue guidance remains the same at $87.5 billion to $90.5 billion.

Boeing shares have declined $6.75, or 4.9 percent, to $129.74 since the beginning of the year, while the Standard & Poor’s 500 index has climbed 7.3 percent. However, the stock has climbed $21.95, or 20 percent, in the last 12 months. AP




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


 
 

 

Headlines November 24, 2014

News: Hagel said to be stepping down as defense chief under pressure - Defense Secretary Chuck Hagel is stepping down under pressure, the first cabinet-level casualty of President Obama’s Democratic majority in the Senate and a beleaguered national security team that has struggled to stay ahead of an onslaught of global crises. Afghan mission for U.S....
 
 

News Briefs November 24, 2014

Fog forces five U.S. choppers to land in Polish field Officials say that that fog forced five U.S. Army helicopters to make an emergency landing in a Polish field and spend the night there, the second such incident since September. The U.S. Army said 15 soldiers were moving equipment to their base in Germany Nov....
 
 
Air Force photograph by Samuel King Jr.

Navy’s first F-35C squadron surpasses 1,000 flight hours

Air Force photograph by Samuel King Jr. An F-35C Lightning II aircraft piloted by Lt. Cmdr. Chris Tabert, assigned to Strike Fighter Squadron (VFA) 101, flies the squadron’s first local sortie. The F-35C is the carrier va...
 

 
boeing-SC-787

Boeing South Carolina begins final assembly of its first 787-9 Dreamliner

Boeing has started final assembly of the 787-9 Dreamliner at its South Carolina facility. The team began joining large fuselage sections of the newest 787 Nov. 22 on schedule, a proud milestone for the South Carolina team and a...
 
 
Lockheed Martin image

Ball Aerospace equips Orion mission with key avionics, antenna hardware

Lockheed Martin image Ball Aerospace & Technologies Corp. is providing the phased array antennas and flight test cameras to prime contractor Lockheed Martin for Orion’s Exploration Flight Test-1 (EFT-1), which is an u...
 
 

Salina, Kansas, recalls anniversary of shuttered base

It has been 50 years this month since the announcement that Schilling Air Force Base was closing rattled Salina residents. The Salina Journal, which carried news of the closure in its Nov. 19, 1964, editions, reported that the economic disaster then spared no part of the community – real estate, retail, civic involvement, church attendance,...
 




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>