Our aviation industry downturn "remains severe" and predicted market recovery by Boeing is pushed back to 2005.
"2003 looks a lot like 2002 from the order standpoint....we could see a pick up of orders in 2004 with deliveries in 2005," said CEO Phil Condit.
Boeing achieved US$590 000 000 revenue in Q4 2002 but gave steeply lower earnings for the next two years based on a "best guess" and that "there will be a war but it will be relatively brief. If there is no war, there is some upside, and if it is extended for a longer period of time it is a downside."
Boeing achieved a pre-exceptional profit of US$3 Billion, on revenues of US$54 Billion (down US$4 Billion) and net profit of US$492 million.
Revenue in commercial planes was down 33% to US$6.3 Billion with profit margins of 7.1%, but that is to decrease to between 4.5% and 5.5% for 2003 and 2004. Military aircraft revenue rose 12% to US$14 Billion with profit margins of 11%. Backlog increased 20% to US$21.1 Billion.
Boeing BA at US$30.66 +0.16% in trading today at close.
More information at the Financial Times website
Stock quote from Yahoo Finance (Boeing NYSE:BA)