Updated from 9:59 a.m. EST
met analysts' fourth-quarter earnings estimates and revenue came in ahead of expectations, but the company forecast declining revenue for the next two years as commercial aircraft deliveries are projected to slow.
The company posted fourth-quarter earnings, excluding nonrecurring items, of 90 cents a share, matching estimates, on revenue of $15.7 billion. According to First Call, analysts were looking for revenue of around $15.3 billion.
During the quarter, the company recognized $622 million in after-tax charges primarily related to the effects of the Sept. 11 terrorist attacks on the commercial airplanes segment, as well as smaller, unrelated charges at the military aircraft and missile systems division.
After factoring in items, Boeing earned 12 cents a share in the quarter ended Dec. 31, down from 55 cents in the same period a year ago.
Boeing said the commercial airplanes segment delivered 527 airplanes last year, up from 489 in 2000. During 2001, the commercial airplanes group received 335 orders, and the backlog at the end of the year totaled $75.9 billion.
The company expects to deliver about 380 airplanes in 2002. Boeing forecast 275 to 300 deliveries for 2003. As a result, the company now expects to post revenue of around $54 billion for 2002, down from a prior projection of about $55 billion. For 2003, Boeing expects revenue of around $52 billion. The company posted revenue of $58.2 billion in 2001.