Boeing reports fourth-quarter net income vs. loss
SEATTLE, Jan 26 (Reuters) - Boeing Co. . , the
world's biggest aerospace company, on Tuesday reported
fourth-quarter net income of $465 million vs. a net loss of
$498 million in the same period a year earlier and said
previously announced work force reductions were continuing
according to plan.
The Seattle company reported quarterly earnings per share
of 48 cents, ahead of the First Call analysts' consensus of 42
cents per share and rising from a 51-cent-per-share net loss in
the same period a year earlier.
Fourth-quarter net sales for Boeing, one of the 30 stocks
that make up the Dow Jones Industrial Average, rose to $17.1
billion from $11.7 billion in the same period a year earlier.
Fourth-quarter results for 1997 were reduced by a special
charge for commercial aircraft product lines of the former
McDonnell Douglas Corporation of $876 million after tax, or 89
cents per share.
Earnings for the fourth quarter of 1998 included
recognition of tax benefits related to the extension of
research and development tax credits amounting to $30 million,
or 3 cents per share.
The company said it reduced its work force to 231,000 at
the end of 1998 from 238,000 at the year's peak. It said it
expected to reduce its work force by more than 3,000 jobs
during January, with year-end 1999 employment levels projected
in the 200,000-to-210,000 range and year-end 2000 levels in the
185,000-to-195,000 range. A Boeing spokesman said those
estimates were "right in line with projections."
The company said based on current schedules and plans for
1999 - which include commercial aircraft deliveries in a range
of 620 aircraft - consolidated revenues are projected to be in
the range of $58 billion, and net earnings are projected to be
in the range of $1.5 billion to $1.8 billion. For the year
2000, commercial aircraft deliveries are projected in a range
of 480 aircraft on consolidated revenues in the $49 billion
range.
((--Wall St desk (212) 859-1730, fax 859-1739))
|
