GO
Loading...

UPDATE 1-Boeing Q4 core profit up 29 pct, sees 2 pct rise in 2014

NEW YORK, Jan 29 (Reuters) - Aerospace and defense company Boeing Co reported net profit that beat expectations for the fourth quarter on Wednesday, and said it expected deliveries of commercial airplanes to surge in 2014.

Chicago-based Boeing said net income in the quarter rose to $1.23 billion, or $1.61 a share, from $978 million, or $1.28 a share, a year earlier.

Revenue rose to $23.8 billion from $22.3 billion in the quarter.

Core earnings, which exclude some pension expenses, rose 29 percent to $1.84 billion, or $1.88 a share, compared with $1.46 a share a year earlier.

Analysts had expected core earnings per share of $1.57 for the fourth quarter, and revenue of $22.7 billion, according to Thomson Reuters I/B/E/S.

Boeing said it would deliver between 715 and 725 commercial airplanes this year, a possible increase of nearly 12 percent from a record 648 in 2013.

It expects core earnings to rise to as much as $7.20 a share in 2014, up less than 2 percent from $7.07 a share for 2013.

Boeing's results included a non-cash charge of $406 million to settle litigation over the canceled A-12 stealth bomber program.

The U.S. Justice Department announced a settlement with Boeing and General Dynamics Corp last week that includes three additional EA-18G fighter jets, which will be paid for by Boeing. 1/8ID: nL2N0L309C 3/8

Boeing said its earnings reflect a charge of 34 cents a share for the A-12 settlement, which was partly reduced by a 28 cent per share gain from a favorable change in tax regulations.

In pre-market trading, Boeing shares were down 1.1 percent to $135.57.

Symbol
Price
 
Change
%Change
BA
---