Boeing reports record earnings

Boeing reports record earnings

The Boeing Company has reported record fourth-quarter revenue of $22.3 billion and core operating earnings that increased by nine per cent to $1.8 billion, driven by strong performance across the company’s businesses and higher deliveries of commercial airplanes. 

Fourth-quarter 2012 core earnings per share of $1.46 increased four per cent from the same period last year when excluding a $0.52 per share impact related to a favourable tax settlement recognised in the fourth-quarter 2011.

The company reported fourth-quarter earnings from operations of $1.6 billion and earnings per share of $1.28. 

Core operating earnings rose 13 per cent in the full-year to $7.2 billion, compared to $6.4 billion in 2011. 

Core earnings per share for 2012 stood at $5.88, an increase of 12 per cent from 2011 when excluding the impact of the 2011 favourable tax settlement ($0.53 per share for the year). 

Full-year 2012 revenue was a record $81.7 billion, with earnings from operations of $6.3 billion and earnings per share of $5.11.

“Strong fourth-quarter operating performance capped a year of significant growth and solid execution, driving higher earnings and cash flow for our company,” said Boeing chairman, Jim McNerney.

“In a year of considerable achievement, Boeing was the commercial aviation market leader for both orders and deliveries, with more than 600 airplanes delivered, including the first three Charleston–built 787 Dreamliners. 

“Significant new international orders for Defence, Space & Security and more than 900 orders for the 737 MAX also contributed to our record company backlog.

“Our first order of business for 2013 is to resolve the battery issue on the 787 and return the airplanes safely to service with our customers. 

“At the same time, we remain focused on our ongoing priorities of profitable ramp up in commercial airplane production, successful execution of our development programs, and continued growth in core, adjacent and international defence and space markets.”