Boeing rises on surprise quarterly profits

January 31, 2013 05:06 AM
Come fly with me.

Boeing posted a better-than-expected quarterly profit on Wednesday as its backlog rose. Net income fell to $978 million, or $1.28 per share, from $1.39 billion, or $1.84, in the year-ago period, when the company posted a special tax gain. Analysts expected earnings of $1.19 a share in the most recent fourth quarter. Revenue for the quarter rose 14% to $22.3 billion.

The company also said its 2013 forecast "assumes no significant financial impact" from the grounding of its 787 Dreamliner jet by regulators. Aviation safety agencies in the United States and Japan are investigating what caused lithium-ion batteries to burn on two 787 passenger jets earlier this month, prompting regulators to ground the planes worldwide.

Boeing said it is continuing to build the Dreamliner, but has halted deliveries, and analysts have raised concerns about the cost of the grounding and for fixing the battery problem on about 125 jets that Boeing has built so far.

Boeing (BA : NYSE : US$74.59), Net Change: 0.94, % Change: 1.28%, Volume: 10,044,167

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