Boeing Q1 income down

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By TESTCustomwebLP TESTCustomwebLP April 24, 2014 16:42

Boeing Q1 income down

Boeing has reported a 12.7% decline in its first-quarter net income to $965 million from a net profit of $1.12 billion in the year-ago period. The fall was caused by weakness in the military aircraft, while the commercial airplanes sector rose.

Boeing Commercial Airplanes first-quarter revenue increased to $12.7 billion on higher 787 and 737 deliveries. First-quarter operating margin improved to 11.8 percent reflecting the delivery volume and mix and lower period costs partially offset by higher R&D, Boeing said.

During the quarter, the 787 program reached a 10 per month production rate and completed preliminary design review on the 787-10. The company selected the Everett, Washington site as the location for a new composite wing center for the 777X. In April, the 737 program reached a production rate of 42 per month.

Commercial Airplanes booked 235 net orders during the quarter. Backlog remains strong with over 5,100 airplanes valued at $374 billion.

“Disciplined execution across our production and development programs produced strong first quarter results,” said Boeing Chairman and Chief Executive Officer Jim McNerney. “We measurably increased revenue, core operating earnings and cash flow, and expanded core operating margins. This financial and operational strength enabled the return of more than $3 billion to shareholders in the quarter through share repurchase and an increased dividend, even as we continued to invest in our future.”

“Our outlook for the full year remains positive on the strength of demand for our fuel-efficient new commercial airplanes, our solid position in global defense, space and security markets, and our enterprise focus on meeting customer commitments, improving productivity and profitably delivering the growth in our sizable backlog,” McNerney said.

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By TESTCustomwebLP TESTCustomwebLP April 24, 2014 16:42
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