Boeing outflies forecast
The world’s biggest planemaker had net earnings of $779 million, down 7.3 percent from the year-ago period. Earnings per share were 96 cents, compared with 99 cents a year ago. Excluding a non-recurring gain of $28 million from a sale in its Military Aircraft and Missile Systems business, the company had earnings of 92 cents per share.
That’s 12 cents more than the Thomson First Call average analyst estimate of 80 cents per share.
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The earnings per share “smoked our estimate,” Merrill Lynch analyst Byron K. Callan said in a research report. He had forecast 72 cents.
The market welcomed the news, pushing the stock up $2.07, or 5.1 percent, to close at $42.94.
Chicago-based Boeing’s revenues fell 11 percent to $13.85 billion, largely due to a $1.6 billion drop in commercial plane revenues. Boeing’s commercial plane business generated $7.7 billion in revenue, plunging 18 percent as the decline in air travel after the Sept. 11 terrorist attacks continued to hurt sales. Operating earnings were $790 million, down 17 percent. But operating margins were 10.3 percent, the same as the year-ago period.
“I think the commercial business has held up a little better than people expected,” said Morningstar analyst Jonathan Schrader. “That’s been the wild card. I think they have done a pretty solid job of managing [the downturn].
“They blew past the consensus,” he said of overall results.
Boeing has cut production levels and some 28,300 jobs in response to the weak commercial plane market. It said it delivered 112 new planes during the quarter, 29 fewer than last year.
The company’s Military Aircraft and Missile Systems business generated $3.5 billion in revenue, up 5.4 percent from the year-ago period. Operating earnings, excluding the non-recurring item, were $413 million and margins were 11.9 percent, compared with $353 million and 10.7 percent during the year-ago quarter.
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