Boeing profit tops expectations, gives strong 2018 outlook

Boeing on Wednesday, Jan. 31, 2018, reported fourth-quarter profit of $3.13 billion. The Chicago-based company said it had net income of $5.18 per share. Earnings, adjusted for pretax gains, came to $4.80 per share. (AP)

CHICAGO: Boeing’s fourth-quarter profit easily topped Wall Street’s view, buoyed by strong deliveries and recent tax reform legislation. The aircraft company also released a better-than-expected 2018 outlook.
Shares climbed more than 4 percent in Wednesday premarket trading.
For the period ended Dec. 31, the Boeing Co. earned $3.13 billion, or $5.18 per share. A year earlier it earned $1.63 billion, or $2.59 per share.
The company said that tax reform added $1.74 per share to earnings.
Stripping out certain items, earnings were $4.80 per share. That’s significantly higher than the $2.91 per share that analysts surveyed by Zacks Investment Research were calling for.
Revenue increased to $25.37 billion from $23.29 billion, beating the $24.83 billion in revenue Zacks’ analysts forecast.
Commercial airplane deliveries rose 13 percent to 209 airplanes.
Boeing expects 2018 adjusted earnings between $13.80 and $14 per share and revenue in a range of $96 billion and $98 billion. Analysts polled by FactSet predict earnings of $11.91 per share and revenue of $93.36 billion.