Boeing profit up 10% at $7.8 bn in 2013, revenues grow 6%

DPA Updated - January 30, 2014 at 12:09 PM.

US aviation giant Boeing has said its 2013 revenues rose 6 per cent to a record $86.6 billion and core operating earnings rose 10 per cent to $7.8 billion.

For the fourth quarter, revenues were at $23.7 billion, 7 per cent higher than the same quarter the year earlier, and profit was $1.84 billion, which was the same in the fourth quarter of 2012.

Boeing delivered 172 planes in the fourth quarter, an increase of 4 per cent from a year earlier. Boeing shipped a record 648 jets last year, beating rival Airbus Group in aircraft shipped for a second consecutive year.

“Strong fourth-quarter results underscored an outstanding full year of core operating performance that drove record revenue and earnings and increased returns to shareholders,” said Boeing Chief Executive Jim McNerney.

Despite the positive earnings report, Boeing’s share price, which increased 81 per cent in 2013, dropped the most in six months on the New York Stock Exchange. The drop was attributed to Boeing’s forecast profit for 2014, which fell short of analysts’ estimates.

Problems that Boeing has had with its 787 Dreamliner commercial jet were not cited as a factor in the responses to its annual report. The jet had to be grounded in 2013 due to battery problems.

Published on January 30, 2014 06:38