Boeing soars and lifts markets with it
Boeing, which is heavily exposed to trade standoff between the U.S. and China, reported annual revenue of more than US$100 billion
CHICAGO – Boeing is reporting annual revenue of more than US$100 billion for the first time and shares are soaring after the company easily beat Wall Street’s profit and sales expectations for the fourth quarter.
The big numbers from the plane maker, which is heavily exposed to trade standoff between the U.S. and China, sent futures higher less than two hours before the opening bell Wednesday.
Boeing Co. had net income of $3.42 billion, or $5.93. Earnings, adjusted for non-recurring gains, came to $5.48 per share, easily topping the per-share profit of $4.52 that industry analysts were looking for, according to a poll by Zacks Investment Research.
The Chicago company’s revenue of $28.34 billion also breezed past projections of $26.65 billion.
Boeing expects full-year earnings in the range of $19.90 to $20.10 per share, with revenue in the range of $109.5 billion to $111.5 billion.
Portions of this story were generated by Automated Insights
(http://automatedinsights.com/ap) using data from Zacks Investment