Boeing posts higher Q1 earnings in 2012
April 25, 2012, Chicago, Il. - Boeing Co. says its first-quarter earnings jumped 58 per cent on higher revenue from sales of commercial airplanes, helping it overcome slow growth in its defence business.
The company raised its 2012 profit forecast.
Boeing said Wednesday that it earned $923 million, or $1.22 per share, compared with $586 million, or 78 cents per share, a year ago. It topped the forecast of analysts, who expected 96 cents per share, according to FactSet.
Revenue rose 30 per cent, to $19.38 billion, beating the $18.45 billion forecast by Wall Street.
The gains were driven by strength in sales of commercial airplanes. Many airlines are updating their fleets and ordering more fuel-efficient planes to cope with higher jet fuel prices.
The company delivered 137 commercial aircraft in the first quarter, up from 104 a year earlier. It increased its backlog to $380 billion with more than 300 orders for a new version of its workhorse 737 jetliner, which is expected to be ready in a few years to compete with a plane being developed by European rival Airbus.
Revenue from commercial planes jumped 54 per cent, to $10.94 billion, while revenue from defence and space work grew just 8 per cent, to $8.23 billion, reflecting tighter government budgets. The backlog of military planes grew 20 per cent to $72 billion on orders for F-15 fighter jets and C-17 cargo planes.
Chicago-based Boeing said it expects 2012 net income of $4.15 to $4.35 as it sets aside less money for litigation. In January, it predicted earnings of $4.05 to $4.25 per share for the year. The new range is still below the $4.48 per share that analysts expect.