Boeing's Fourth-Quarter Earnings Fall Despite Revenue Gain, No Impact Seen From Grounding Of 787 Dreamliner Fleet
January 31, 2013 12:44 AM EST
The Boeing Company (NYSE:BA) officials maintained Wednesday that the ongoing investigation of 787 Dreamliner batteries – which has led the Federal Aviation Administration to indefinitely grounded all 787s -- would have “no significant financial impact” on profitability.
The Chicago-based aerospace giant issued the forecast as it reported a nearly 30 percent drop in net profit, to $978 million from $1.39 billion in the year-earlier quarter, which was boosted by a one-time favorable tax matter.
Earnings per share from continuing operations in the fourth quarter fell to $1.38 from $1.84, despite a revenue gain of 14 percent to $22.3 billion.
Analysts polled by Thomson Reuters expected fourth-quarter earnings per share of $1.19.
“The company's current 2013 financial guidance assumes no significant financial impact from the FAA directive” to ground all in-service 787 Dreamliners until problems with the aircraft’s lithium-ion batteries are solved.
Shares rose in premarket trading by 95 cents to $74.60.
To contact the editor, e-mail:
Most Popular Slideshows
Join the Conversation
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- The Pirate Bay Blockade: Cost Of Blocking Websites Like TPB Is Ridiculously High
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Battery Saving Android 5.0 Lollipop Feature Extends The Battery Life Of Your Android Device By 90 Minutes And Displays Orange Bar While Power Saving Mode Is On
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar