Back to black for Boeing

Back to black for Boeing

Aerospace giant Boeing has reported a sharp rise in fourth quarter revenues, up 42% to $17.9bn, ahead of forecasts.

The increase was welcomed by the stock market, and came despite the poor global economic climate, with net income for the period also ahead of schedule at $1.27bn. This compares with a loss of $86m in the same period the previous year, partly because of a labour strike.

Boeing’s commercial aircraft division reported fourth-quarter revenues of $9.2bn, double that of 2008. For 2009 as a whole, Boeing’s revenues rose 12% to $68.28bn, while net income halved to $1.31bn.

“We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company,” said Jim McNerney, Boeing chairman and chief executive.

However, the company painted a pessimistic assessment for 2010. Its Commercial Airplanes division is expecting to deliver between 460 and 465 planes, down from the 481 it delivered in 2009.

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These include the first few deliveries of the 787 and 747-8 planes, which are planned for the end of 2010.