The aircraft maker cut full-year 2009 earnings guidance to between $1.35 and $1.55 a share, down from $4.70 to $5, to reflect delays in the 787 and 747 programs. Analysts surveyed by Thomson Reuters had been looking for earnings of $1.53 a share.
For the quarter, Boeing reported a net loss of $1.6 billion, or $2.23 a share. Analysts had estimated a loss of $2.12 a share. Revenue rose 9% to $16.7 billion; analysts had estimated $17.2 billion.
> See The 787 Boeing Dreamliner
The loss reflected charges of $3.59 a share, including $2.46 a share related to 787 cost reclassification for the first three 787 aircraft, and 99 cents a share for 747 charges. While those charges were expected, Boeing also disclosed a charge of 14 cents a share for spending on the first three 787 aircraft in August and September.The charges were "partially offset by solid performance in other commercial airplane programs and the company's defense business," Boeing said Wednesday. A year earlier, Boeing earned $695 million, or 96 cents a share. "The 787 cost reclassification and the 747 charge for increased costs and difficult market conditions clearly overshadowed what continues to be otherwise solid performance across our commercial production programs and defense business," said CEO Jim McNerney, in a prepared statement. Boeing Commercial Airplanes' revenue guidance remains unchanged at between $34 billion and $35 billion, while 2009 delivery guidance remains at 480 to 485 aircraft. Revenue guidance at its Integrated Defense Systems division remains unchanged at $33 billion to $34 billion.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV