The fourth quarter profit for the world’s biggest aerospace company declined by 8.2 percent to $1.16 billion from $1.27 billion, recorded a year ago. Earnings Per Share (EPS) was recorded lower at $1.56 from $1.75 for the same period in 2009. Sales declined by 7 percent over same period last year, to $16.6 billion due to delay in delivery of its newest jets.
The net profit for the full year more than doubled to $3.31 billion from $1.31 billion in 2009. Sales for the whole year were up by 5.8 percent to $64.3 billion.
The company’s forecast for 2011 was lower than analyst’s expectations with total sales projected at $71 billion for the year. Profit per share was expected at around $4, lower than $4.5 polled by Bloomberg. The Chicago based company attributed lower sales due to delay in its two marquee models and spending cut of the US defence services. The lower profit also factors in a pension expense of 58 cents a share.
Boeing plans to deliver between 485 and 500 aircrafts this year, compared to 462 delivered in 2010. The company hopes to start delivery of its new 787 Dreamliner jets – 3 years behind schedule along with resuming delivery of its new jumbo jet – the 747-8 model, 18 months behind schedule.