Boeing Co. today forecast improved profits and aircraft deliveries after posting increased fourth-quarter earnings.
The Chicago-based company said it expects to deliver 760 to 765 commercial aircraft this year, up from 2016’s 748. The aircraft maker forecast 2017 earnings of $10.25 to $10.45 a share, up from last year’s $7.61.
Boeing said its “core earnings,” which exclude some one-time costs and gains, would be $9.10 to $9.30 a share, an improvement from $7.24 in 2016.
For 2016’s fourth quarter, Boeing earnings surged to $1.63 billion, or $2.59 a share. That was up from $1.03 billion, or $1.51, for the final quarter of 2015. Core earnings for the quarter were $2.47 a share, up from $1.60 a year earlier.
Boeing delivered 185 commercial aircraft during the quarter, up from 182 a year earlier.
The quarterly profit gains occurred despite a 1% decline in revenue to $23.3 billion.
Boeing forecast that revenue will continue to fall this year. The company estimates 2017 revenue will be $90.5 billion to $92.5 billion, compared with $94.6 billion last year.
The fourth-quarter profit represented a strong finish for a year that included the company’s first quarterly loss since 2009. That occurred in the second quarter, when Boeing posted a $234 million deficit because of one-time costs.
Boeing’s full-year profit totaled $4.9 billion, down from $5.2 billion in 2015. The 2016 per-share profit of $7.61 was actually higher that 2015’s $7.44. That’s because the company had fewer shares outstanding after buying back stock.
“Our team is intent on accelerating productivity,” Chief Executive Officer Dennis Muilenburg said in a statement. Boeing told employees in a memo distributed last month that it plans to cut more jobs in its commercial aircraft unit in 2017. The memo was reported by Reuters and other outlets.