Boeing profit tops expectations, revenue below forecastsApril 22, 2015 - 17:57 AMT PanARMENIAN.Net - Boeing Co. delivered more airliners in the first quarter, offsetting sluggish results in the defense side of its business and pushing its first-quarter earnings up 38 percent, the Associated Press reports. The profit topped Wall Street expectations, but revenue was below forecasts. Boeing's commercial-planes business is soaring as airlines use some of their record profits to buy new, more fuel-efficient jets. Company executives have recently brushed aside concern that falling oil prices could undercut demand for new jets from Boeing and European rival Airbus Group N.V. Boeing delivered 184 airliners in the quarter, up from 161 in the same period last year, with two-thirds of them for the venerable 737 jet, a workhorse on short and mid-range routes around the world. Meanwhile, according to the AP, orders minus cancelations rose by a net of 110 in the quarter, and Boeing now has 5,700 orders on its books. About half are for an upcoming version of the 737. The backlog is valued at $495 billion. The Chicago-based company said Wednesday, April 22, that net income rose to $1.34 billion, or $1.87 per share. Excluding $113 million in pension expenses, the company said adjusted profit was $1.97 per share — beating the $1.81 per share forecast by analysts surveyed by Zacks Investment Research. A year earlier, adjusted profit was $1.76 per share. Revenue rose 8 percent to $22.15 billion. However, six analysts surveyed by Zacks expected $22.63 billion. The company reaffirmed its forecast for full-year earnings in the range of $8.20 to $8.40 per share and revenue between $94.5 billion and $96.5 billion. Like recent quarters, it was a tale of Boeing's two very different business segments: — Earnings from commercial airplanes rose 8 percent on a 21 percent jump in revenue. That segment accounted for two-thirds of profit and sales. — The defense and space business declined, with earnings down 4 percent and revenue off by 12 percent, as tight defense budgets cut into sales. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia's Davit Chaloyan qualifies for Paris Olympics The Armenian boxer qualified for Paris Olympics after a series of successful bouts at the 2nd World Qualification Tournament. Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. Iran’s Red Crescent sends aid to Armenia’s flood-hit regions The Iranian Red Crescent Society has sent humanitarian aid to the victims of deadly floods that hit northern Armenia on May 25-26. |