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 ?