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Boeing Nets $456 Million in Third-Quarter |
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CHICAGO, Oct. 28/Satnews Daily/ ¾ Strong performance from its defense unit has propelled Boeing Co. (NYSE:BA) to post strong revenue and earnings growth for the third quarter of 2004. Boeing reported net income of $456 million, or $0.56 per share, on revenues of $13.2 billion compared to third quarter 2003 net income of $256 million, or $0.32 per share, on revenues of $12.2 billion.
Boeing President and CEO Harry Stonecipher said Integrated Defense Systems business again delivered strong revenue growth and outstanding profitability, and made significant progress on key programs such as Future Combat Systems and Ground-based Midcourse Defense. He said Commercial Airplanes generated another quarter of solid performance and continues to experience unprecedented customer interest in the 7E7.
During the third quarter, Integrated Defense Systems (IDS) revenues increased 13 percent to $8.3 billion, driven by growth in its Network Systems and Support Systems segments. Aircraft and Weapon Systems revenues rose 4 percent to $3.1 billion on increased C-17, C-40, F/A-22, F/A-18 and rotorcraft volume which offset lower T-45 and JDAM deliveries and the cancellation of the Comanche program.
Boeing said revenues rose 39 percent to $3.2 billion on increased activity in Future Combat Systems, Missile Defense, Intelligence, and Airborne Command and Control programs.
During the period, sales of commercial airplanes fell 8 percent to $4.6 billion from $5.1 billion a year ago. Boeing delivered 67 planes in the quarter versus 65 last year, although a larger share of this year's deliveries were single-aisle 737s that cost less than widebody 747s and 777s.
Boeing said Launch and Orbital Systems' third-quarter results were affected by the continued weakness in commercial space markets and cost growth in its commercial satellite business. Revenues fell 14 percent to $0.8 billion on lower satellite volume and one less Delta IV launch. Operating losses totaled $153 million reflecting cost growth on certain satellite programs partially offset by continued profitability on NASA programs.
At the end of the quarter, IDS's contractual backlog totaled $37.5 billion, down from $41.2 billion at the end of the second quarter mainly due to sales on multi-year contracts that were awarded in prior periods.
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