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Boeing raises 2014 profit forecast | |
(about 1 hour later) | |
Boeing has raised its profit forecast for 2014 while announcing a "strong" first quarter. | |
The forecast for 2014 core earnings was raised to between $7.15 and $7.35 a share from between $7.00 and $7.20 per share. | |
Boeing's revenues rose 8% to $20.5bn (£12.2bn) in the first quarter, driven by an increase in commercial aircraft deliveries. | |
However, the firm's net earnings fell by 13% to $965m. | |
The earnings figure was hit by a $334m charge due to retirement plan changes in the quarter for moving non-union employees to a defined contribution pension plan. | |
Deliveries up | |
The aerospace firm expects more profit in 2014 due to a tax settlement that will take effect in the second quarter. | |
Boeing left 2014 forecasts for revenue operating cash flow and deliveries unchanged. | |
"Disciplined execution across our production and development programmes produced strong first quarter results," Boeing chief executive Jim McNerney said. | |
The company delivered 161 commercial aeroplanes in the three months to 31 March, a rise of 18% compared with the first quarter last year. | The company delivered 161 commercial aeroplanes in the three months to 31 March, a rise of 18% compared with the first quarter last year. |
However, the increase was flattered by the fact that Boeing delivered just one 787 Dreamliner in the first three months of last year. | |
Deliveries were halted after two incidents in which batteries on the planes burned, prompting regulators to ground the global Dreamliner fleet. | Deliveries were halted after two incidents in which batteries on the planes burned, prompting regulators to ground the global Dreamliner fleet. |
While deliveries of commercial planes increased in the first quarter of this year, Boeing's revenues from military aircraft and space systems fell 6% to $7.3bn. |