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Lower Boeing profit in line
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January 23, 2002: 8:53 a.m. ET
No. 1 aircraft maker's profit falls, but still hits forecasts, after Sept. 11.
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NEW YORK (CNN/Money) - Boeing Co. said Wednesday that profits tumbled in the fourth quarter as the biggest maker of commercial aircraft saw business drop sharply after the Sept. 11 terrorist hijackings.
The lower results matched Wall Street forecasts.
Boeing (BA: Research, Estimates) posted earnings excluding charges of $722 million, or 90 cents a share, for the quarter, down from profits of $877 million, or $1.01 a share, a year earlier. Analysts on average anticipated a profit of 90 cents a share, according to earnings tracker First Call.
Sales rose 7 percent to $15.7 billion from $14.7 billion.
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CNNfn's Chris Huntington takes a look at Boeing's scrorecard.
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Boeing reported net earnings of $100 million, or 12 cents a share, compared with net earnings of $481 million, or 55 cents a share, a year earlier.
The company faced a sharp downturn in business after the Sept. 11 attacks in which terrorists hijacked four commercial jets. As a result, Boeing said it would slash up to 30,000 jobs, of which 12,000 have already been cut.
The company is also reviewing its units for further cost-cutting measures.
For the full year, Boeing reported earnings excluding items of $3 billion, or $3.63 a share, compared with earnings of $2.5 billion, or $2.88 a share, in 2000. Full-year revenue increased to $58.2 billion from $51.3 billion.
"Looking ahead, we are entering a challenging period, but with businesses that are performing well," CEO Phil Condit said in a statement. "We believe our overall operating strength and balanced portfolio of businesses provide us the opportunity to generate solid returns and cash."
Boeing shares climbed 63 cents to $39.78 Tuesday. 
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