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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: X Y Zebra who wrote (7317)	10/16/2002 8:46:28 AM
From: X Y Zebra	Read Replies (1) \| Respond to of 57110

Boeing cuts 2003 views as profit falls By August Cole, CBS.MarketWatch.com Last Update: 8:43 AM ET Oct 16, 2002 CHICAGO (CBS.MW) - Boeing said Wednesday that third-quarter profit fell almost 50 percent from last year and lowered its 2003 financial expectations because of the weak commercial aerospace market. Chicago-based Boeing said that it earned $375 million, or 46 cents a share, down 48 percent from last year's $713 million, or 88-cent, profit. Excluding stock-based compensation, Boeing earned 50 cents a share, down from 84 cents last year. Revenue came in at $12.7 billion, down from last year's level of $13.7 billion. Analysts polled by Thomson First Call expected a per-share profit of 46 cents, with the range from 12 analysts stretching from 54 cents to 42 cents. Revenue had been expected at $12.4 billion. Looking to 2003, Boeing expects to deliver 275 to 280 commercial aircraft, lowering the high end of the range from 300. Accordingly, revenue for 2003 should be down $2 billion to $50 billion with free cash flow reduced to $2 billion to $2.5 billion, down from $3 billion. For 2003, the First Call target comes to $2.72 a share with revenue of $50 billion Boeing (BA) shares, which are near their 52-week low, ended Tuesday up $1.09 to $32.15. A year ago, Boeing and the commercial airline sector had just come out of the aftermath of the Sept. 11 attacks. Since then, Boeing moved to cut a third of the workers at the group that's responsible for more than half of the giant's revenue. It also consolidated the defense and space units in a bid to concentrate those operations in a way that should give the company an edge when competing for sophisticated military and government contracts. After losing out on what may be the most lucrative fighter contract ever to Lockheed Martin, Boeing publicly vowed to leapfrog a generation of combat aircraft to produce pilotless vehicles. --------------------------------------------------------------------------------