3.14 AM Friday, 23 February 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:30 06:44 12:35 15:51 18:21 19:35
23 February 2024

Boeing swings back to profit

Boeing yesterday posted earnings for the fourth quarter of $1.26 billion (Dh4.65bn), swinging back to profitability on a surge in revenues.

The aerospace giant’s results amounted to $1.75 per share, well ahead of analyst expectations of $1.36 a share.

The results compared with a loss of $86 million in the same period a year earlier, when earnings were hit by a strike and charges to modify its 747 aircraft.

Revenues for the October-December period rose 42 percent to $17.93bn, slightly better than expectations.

“We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company,” said Jim McNerney, Boeing Chairman, President and Chief Executive, referring to the new Dreamliner aircraft whose first test flight took place last month.

“Focus areas for 2010 are to continue our strong operational performance, certify and deliver the 787 and 747-8, and further reposition our defence, space and security business.

“While the challenges ahead are significant, I believe we have the people and the resources we need to be successful and to begin consistently delivering on this company’s great potential.”

For all of 2009, Boeing said it had net profit of $1.312bn, less than half it made in the prior year.