Faster production brings Boeing $965M 1Q profit
May 05, 2014 12:00 AM | 239 views | 0 0 comments | 2 2 recommendations | email to a friend | print

Boeing’s increased rate of commercial jet manufacturing is starting to pay off for shareholders.

In the first three months of this year, 161 new airplanes rolled off the company’s assembly lines — more jets than the same period last year. That increased rate contributed to a $965 million profit for Chicago-based Boeing Co. post in the first quarter.

The net income was actually down 12.7 percent from last year’s $1.1 billion first quarter profit, but that is because Boeing took a $330 million accounting write-off related to changes in its retirement plans. The company also noted that its 2013 earnings were inflated by a one-time research and development tax credit.

Net income per share dropped to $1.28 per share from $1.44 during last year’s first quarter. But adjusted to exclude the write-off, earnings were $1.76 per share, beating the estimate of $1.56 per share from Wall Street analysts surveyed by FactSet. Shares rose $2.38, or 1.9 percent, to $129.93 in midday trading.

The company reported $20.47 billion in revenue, more than the $20.15 billion expected by Wall Street.

— The Associated Press



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