A taxi across Bay Street in Toronto's financial district in Toronto in a 2012 file photo. THE CANADIAN PRESS/Nathan Denette
April 23, 2014 - 4:50 AM
Boeing's increased rate of commercial jet manufacturing is starting to pay off for shareholders.
In the first three months of this year, 161 new airplanes rolled off the company's assembly lines — more jets than the same period last year. That increased rate — in part — helped Chicago-based Boeing Co. post a $965 million profit in the first quarter.
The net income is actually down 12.7 per cent from last year's $1.1 billion first quarter profit, but that is because Boeing took a $330 million accounting write-off related to changes in its retirement plans.
Boeing reported adjusted earnings of $1.76 per share, beating the estimate of $1.56 per share from Wall Street analysts surveyed by FactSet. The company reported $20.47 billion in revenue, more than the $20.15 billion expected.
News from © The Associated Press, 2014