Boeing Co. said today its fourth-quarter and full-year profit rose, helped by increased deliveries of commercial aircraft. The company also forecast better results for 2019.
The Chicago-based aircraft maker posted a fourth-quarter profit of $3.42 billion, or $5.93 a share, a 3% gain from the same period in 2017. The company said “core earnings per share,” a figure which excludes one-time items and some costs, was $5.48 a share for the quarter, an improvement from $5.07 in 2017’s fourth quarter.
The core earnings per share figure is the one followed by investors. The fourth-quarter result was higher than the average $4.59 estimate by analysts surveyed by Bloomberg.
Commercial aircraft deliveries for the quarter soared to 238 from 209 a year earlier. Boeing said all of its businesses posed improved results. Quarterly revenue rose 14% to $28.3 billion.
“Our financial performance provided a firm platform to further invest in new growth businesses, innovation and future franchise programs,” CEO Dennis Muilenburg said in a statement.
For all of 2018, Boeing posted a profit of almost $10.5 billion, or $17.85 a share. That was up from $8.46 billion, or $13.85, the year before. Boeing reported core earnings per share of $16.01 a share for 2018, up from 2017’s 12.33.
Revenue climbed to a record $101.1 billion for the year, up from $94 billion in 2017. Commercial aircraft deliveries totaled a record 806 in 2018, a 6% gain from the year before.
Boeing forecast a 2019 profit of $21.90 to $22.10 a share and core earnings of $19.90 to $20.10 a share. The company expects commercial aircraft deliveries of 895 to 905. Boeing’s 2019 revenue forecast is $109.5 billion to $111.5 billion.
Boeing has “confidence for continued strong performance, revenue expansion and solid execution” in all of its businesses, “which is reflected in our 2019 guidance,” Muilenburg said in the statement.