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Thursday, January 27, 2011

Boeing Forecast Trails Estimates on Pension, Delays

Boeing Co. tumbled the most in five months after forecasting 2011 profit that trailed analysts’ estimates amid delays to its two marquee jets, higher pension expenses and scaled-back defense spending in the U.S.

Net income will be $3.80 to $4 a share, including an increase of 58 cents a share in pension expenses, the Chicago- based company said in a statement today. That lagged behind the $4.53-a-share average estimate of 26 analysts surveyed by Bloomberg. Projected sales of $68 billion to $71 billion met estimates of about $69.5 billion.

Boeing has struggled with two of its newest planes, the 787 Dreamliner, which is three years late, and the 747-8, running a year and a half behind schedule, while the defense business has been hurt by military budget cuts. Boeing is responding by boosting output of other commercial jets to record rates as air- travel demand recovers from the recession.

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