But this upward trend could be short-lived. Beyond the Dreamliner 787 crisis, Boeing faces the threat of sequestration, which — if it kicks in as scheduled March 1 — would lead to billions in defense cuts.
That’s a concern for Boeing, considering much of its business comes from the defense industry. In 2012, the company’s defense division generated $32.6 billion in revenue, including $8.3 billion in the fourth quarter.
Boeing reported net income of $3.9 billion, or $5.11 per share, for the year, which was down 2.9 percent from the previous year. Boeing’s fourth quarter earnings also fell to $978 million, or $1.28 per share, a 30 percent decline from $1.39 billion during the same quarter in the previous year. But it beat analysts’ estimates of only $1.19 per share. Boeing also introduced a new profit measurement, called core earnings, during the quarter.
Looking forward to 2013, Boeing forecast revenue of $82 billion to $85 billion, and earnings per share of $5 to $5.20, which is on par with analysts estimates of $5.16, according to a Bloomberg survey.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at tdevaney@washingtontimes.com.
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