Boeing reports profit following sales surge

Thursday, 26th January 2012

The Seattle-based company said this week that its net income for October through December last year was $1.4 billion (£900 million), a rise of 20 per cent from the same period one year prior. Similarly, the firm posted a 21 per cent rise in full-year profits of $4 billion (£2.5 billion).

Boeing also said on Wednesday that its revenues for commercial aircraft rose some 31 per cent to $10.7 billion (£6.9 billion) during the last quarter of 2011, whilst its defence operations saw revenues of $8.5 billion (£5.4 billion), an increase of 4 per cent on the previous year.

In spite of the news, Boeing fell short of its profit targets, prompting a 2 per cent drop in its stock price early on Wednesday.

Following total 2011 revenues of $68.7 billion (£43.7 billion), officials said the firm expects to see the figure rise in over the next 12 months to somewhere between $78 billion and $80 billion.

Jim McNerney, Boeing’s chief executive, said in a statement early on Wednesday that his firm had seen “substantial progress” in 2011 thanks to record revenues, a strong fourth quarter and expanded cash flow. He said it would head into 2012 with “strong momentum”.

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