Boeing second quarter profit down 21 percent

NEW YORK, July 28, 2010 (AFP) - US defense and aerospace firm Boeing announced Wednesday a sharp 21 percent drop in second quarter profits, amid falling revenue and fewer deliveries of aircraft.

The firm's second-quarter profit was 787 million dollars, or 1.06 dollars a share. That was better than expected by analysts, who had forecast a profit of around 1.01 dollars per share.

Revenue fell 9.0 percent to 15.6 billion dollars over the last three months, below Wall Street expectations, which averaged 16.3 billion dollars.

But Boeing put a positive spin on the results, saying the company expected business to pick up as the economy moved past the worst of the recession, prompting new commercial and government orders.

"With our commercial markets recovering, and the priorities of our government customers gaining clarity, we remain well positioned for growth in 2011 and beyond," said Jim McNerney, Boeing chairman, president and chief executive officer.

The aerospace firm said it was on track to earn between 3.50 to 3.80 dollars per share, or some 64 billion to 66 billion in revenue for the 2010 year.


by Nasir Jaffry
(c) 2010 AFP