Wednesday, January 28, 2009
Boeing 4Q report
CHICAGO - Boeing will cut 10,000 jobs in the wake of a dismal fourth-quarter showing. Boeing said net income declined to a loss of $56 million, or $0.08 per share, reflecting the now-settled machinists' strike, a charge related to the 747 and a litigation-related reserve. Revenues for the quarter declined 27 percent to $12.7 billion, due primarily to the effects of the strike which reduced commercial airplane deliveries by about 70 units and revenues by an estimated $4.3 billion. For the full year of 2008, net income fell 34 percent to $2.7 billion, EPS was $3.71 per share and revenue fell 8 percent to $60.9 billion. Full-year results were impacted by the strike, the 747 charge, the litigation-related reserve, and higher costs for AEW&C announced in the second quarter, which reduced full-year EPS by an estimated $2.56 per share. The 10,000 jobs includes the 4,500 previously announced. (Source: Boeing, 01/28/09) Gulf Coast note: Boeing has operations in New Orleans and Northwest Florida.