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Thu, Apr 29, 2004

Boeing Booms

Profits Way Up, Could Be Another Sign Of Industry-Wide Recovery

Fresh from signing a contract for 50 of its still-developing 7E7 Dreamliner, Boeing Wednesday announced a hefty profit for the last quarter and raised its earning expectations for the rest of this year and all of 2005.

What a difference a year makes. During the first quarter of 2003, Boeing lost $478 million. For the first quarter of this year, the company more than turned that around, posting a profit of $623 million.

Boeing CEO Harry Stonecipher said the Seattle-based commercial jet unit is "generating solid profitability at the bottom of the commercial airplane cycle." It earned $352 million, up six percent from last year at this time. "It is well positioned for growth as the market recovers," he said in a conference call with analysts.

FMI: www.boeing.com

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