|
Boeing 1Q net soars
|
 |
April 15, 1999: 9:34 a.m. ET
Aerospace company's earnings top consensus; higher 1999 profit forecast
|
NEW YORK (CNNfn) - Boeing Co. said Thursday that increased operating margins at all three of its units boosted first-quarter earnings above the consensus forecast of analysts.
The Seattle-based company also said full-year 1999 earnings will come in between $1.6 billion and $1.8 billion on revenue of about $58 billion. That compares with 1998 earnings of $1.1 billion on revenue of $45.8 billion.
The aerospace giant said earnings for the first quarter rose to $469 million, or 50 cents a diluted share, from $50 million, or 5 cents, a year earlier. The year-ago quarter included a $219 million after-tax loss on an upgrade of its 737 program.
The latest quarter exceeded the 42 cents a share consensus estimate of analysts surveyed by First Call.
Revenue for the quarter rose 11 percent to $14.39 billion.
In particular, Boeing (BA) cited success in its commercial airplane operations, saying its next-generation 737 assembly lines increased production to a record 24 planes per month.
"Our entire team is focused on managing this company for value -- fixing or eliminating those operations that lessen value and expanding or adding those that enhance value," Chairman Phil Condit said.
Looking ahead to 2000, Boeing said earnings margins will remain the same, but revenue will fall to about $49 billion. The company expects to deliver 620 aircraft this year and about 480 in 2000.
Boeing stock rose 3-3/8 Wednesday to 38. 
|
|
|
|
|
|
Boeing
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
