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Boeing Profit More Than Doubles In 3Q

Wed Oct 26, 2005 11:47 pm

From AP:

CHICAGO (AP) -- Boeing Co. said Wednesday it more than doubled its third-quarter profit, aided by a large tax benefit and strong operating results, but the aircraft maker and defense contractor said the results for the fall quarter were hurt by a strike by airplane assembly workers.

The company raised its estimates for earnings in both 2005 and 2006, but its stock fell more than 3 percent in early trading.

The quarter was the company's first under new Chairman and CEO Jim McNerney and was marred by a four-week strike by the International Association of Machinists and Aerospace Workers, which Boeing said hurt earnings by 25 cents to 30 cents a share and caused it deliver 21 fewer airplanes than planned.

Earnings for the July-through-September quarter were $1.01 billion, or $1.26 per share, up from $456 million, or 56 cents per share, a year earlier.

Results included a gain of 62 cents per share for tax settlements and adjustments and numerous other one-time items: a gain of 45 cents per share for the sale of its Rocketdyne unit, 6 cents per share of additional expense for share-based plans and a charge of 14 cents per share for post-retirement expense related to the sale of operations in Wichita, Kan., and Tulsa, Okla.


Did anyone expect this after the strike ?
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RE: Boeing Profit More Than Doubles In 3Q

Thu Oct 27, 2005 12:12 am

It's very much what I was expecting - especially the improved outlook for 2006, which follows from their recent pretty spectacular success in the orders field. Does make you wonder how good the third quarter would have looked if they hadn't lost a month's production, though.
"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci