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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era
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To: porcupine --''''> who wrote (1033)12/8/1998 12:13:00 AM
From: porcupine --''''>  Read Replies (2) of 1722
 
Boeing cuts earnings projection, cites Asia slowdown

SEATTLE, Dec 1 (Reuters) - Boeing Co reduced its
expectations for 1999 earnings on Tuesday and said it plans to
cut production on its 747 model and other jets due to the
continuing economic slowdown in Asia.
Boeing said it expects to have net earnings of $1.5 billion
to $1.8 billion next year, down from a July forecast of about
$2 billion, although projected revenues of $58 billion were
unchanged. The company also said it continues to project 1998
earnings at slightly over $1 billion on revenues of $56 billion.
For the year 2000, Boeing projected revenue of $50 billion
as commercial aircraft deliveries fall to a projected 490
airplanes from 620 in 1999 and 546 in 1998.
Boeing did not release an earnings projection for 2000 but
said operating margins are likely to be somewhat lower than
1999.
Boeing also said it expects more job reductions than
previously indicated, with the total workforce dropping from a
mid-1998 peak of 238,000 to as few as 200,000 by year-end 1999,
with an additional 10,000 reductions expected in 2000.
"Clearly, the economic slowdown in Asia is driving air
traffic down which impacts our customers' plans and
operations," said commercial airplane group President Alan
Mulally said in a statement. "Our actions today will match
production to market demand to support our customers."
((-- Seattle bureau 206-386-4848, marty.wolk@reuters.com))
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