Fri, Feb 02, 2007
Planemaker Doubles 2004 Final Quarter Returns
Boeing is truly soaring on wings of
gold lately. In recent news the company beat out rival Airbus in
the annual airliner order race for the first time since the first
part of this decade. Now the industrial giant reports its
fourth-quarter profits beat Wall Street expectations -- in a
spectacular fashion!
In fact, Boeing beat forecasts by enough to bump its stock
prices by 4 percent to $89.64 in its largest one-day rally since
early November.
The company says its fourth-quarter revenues climbed 25 percent
to $17.5 billion pushing earnings to $989 million. Quarter
four profits for the prior year were $460 million.
"2006 was a very good year for Boeing," Chief Executive Jim
McNerney said in a statement. "We achieved new records in revenue,
cash flow and backlog, and overcame some meaningful challenges by
focusing on improving productivity and meeting our
commitments."
Boeing gives the main credit for its 2006 success to its
commercial airplane and integrated defense systems businesses. It
says its fourth-quarter gains were due to strong business
performance, only partially offset by an additional charge on the
Airborne Early Warning & Control program.
Overall on the year, Boeing's 2006 profits dropped 14 percent to
$2.2 billion from its 2005 figure of $2.6 billion, despite a
revenue increase of 15 percent. The company saw revenues of $61.5
billion last year.
Helping the stock boost was a rosy outlook from the company;
Boeing predicts two more years of solid growth, and with a backlog
on its order books topping $250 billion, it's easy to see why.
All in all, things are rosy for the Chicago company. If its
predictions hold true, and the planemaker manages to stick to an
ambitious delivery schedule for its upcoming 787 Dreamliner, the
next few years could be among the best in its history.
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