Boeing '07 profit nearly doubles, but 787 cuts '08 sales forecast

Washington DC
This story is sourced from

Boeing posted annual earnings results showing profits nearly doubled in 2007, but also that 787 program delays lowered sales projections for 2008.

The US aircraft manufacturer’s profit rose to $4.1 billion, an 84% jump from a $2.2 billion result in 2006. Full-year revenues rose only 8% to $66.3 billion.

Boeing Commercial Airplanes, which delivered 441 aircraft in 2007, accounted for half of the company’s overall sales figure.

But fourth quarter results revealed a new sluggishness as revenues remained flat at $17.4 billion, with only a 4% jump in profits to $1 billion.

The company updated its 2008 sales guidance to $67 billion to $68 billion, down from $67.5 billion to $68.5 billion. Projected aircraft deliveries for 2008 also declined from 480 to 490 aircraft to 475 to 480 aircraft. Both declines were attributed to delivery delays for the 787.

Boeing plans to issue in April detailed sales and delivery projections for 2009, but now says only that “the company’s defense business and in-production commercial airplane programs remains very strong”.

Source:'s sister premium news site Air Transport Intelligence news