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Boeing shares surge on strong 4Q profits, 2019 outlook
[NEW YORK] Boeing reported better-than-expected fourth-quarter profits Wednesday and projected another strong year in 2019 on surging commercial plane deliveries.
The aerospace giant, which has been boosted by a multi-year plane building boom amid surging global air travel demand, reported fourth-quarter profits of us$3.4 billion, up 3.1 per cent from the same period a year ago.
Revenues were US$28.3 billion, up 14.4 per cent.
Several of the company's financial figures were company records, including annual revenues topping US$100 billion for the first time at $101.1 billion.
"Across the enterprise, our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018," said Boeing chief Executive Dennis Muilenburg.
Boeing projected 2019 profits of US$19.90 to US$20.10 per share, well above the US$18.31 seen by analysts.
It expects to deliver between 895 and 905 commercial planes, up from 806 in 2018. Boeing's most popular aircraft have moved past the initial production phases when costs are higher into a stage of increased plane delivery that is more profitable.