Commercial deliveries boost Boeing net earnings in 2013

Net earnings for Boeing increased by 18% for the full year to $4.59 billion and 26% in the fourth quarter to $1.23 billion, compared to the previous year, the company announced on 29 January.

Overall revenues rose year-on-year at a slower pace, with full-year sales growing 6% to $86.6 billion and fourth quarter sales up 7% to $23.8 billion.

The commercial airplanes segment paced the company’s financial performance in both periods. Full-year earnings from operations for the segment leaped 23% to $5.8 billion in 2013 compared to the previous year, including a 19% improvement to $1.51 billion in the fourth quarter alone.

The performance came despite a nearly four-month grounding of the 787 early in the year due to lithium-ion battery failures.

Boeing delivered 648 commercial aircraft last year, or 8% more than in 2012.

In 2014, Boeing expects to deliver between 715 and 725 airliners, an increase of 10.3% to 11.9% over this year. Higher deliveries include a nearly full year with 787 assembly output at 10 per month, and 737 assembly rising from 38 to 42 per month. The 777 line is expected to remain stable at a rate of 8.3 per month, but the status of the 747-8 is being closely observed at a rate of 1.5 per month.

Boeing expects revenue in 2014 to range between $87.5 billion an $90.5 billion.

Boeing reported cash and cash equivalents of $9.1 billion at the end of the fourth quarter, which is down $1.25 billion compared to the end of 2012.

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