October 24, 2012
The Boeing Co. on Wednesday announced that net income in the third quarter fell to $1.03 billion, down from $1.1 billion in the third quarter of 2011.
Revenues increased however, rising 9 percent to $20 billion during that same time. Earnings per share dropped from $1.46 to $1.35 year over year.
Boeing attributed the drop to a higher pension expense in the third quarter. The pension expense of $194 million amounted to $0.18 per share.
The earnings still topped analyst estimates of $1.12 per share for the quarter and Boeing raised its 2012 guidance to between $4.80 and $4.95 per share.
That increase was buoyed by increased deliveries in the third quarter. Boeing delivered 149 commercial aircraft in the quarter, a 17 percent increase year over year.
That¹s good news for Spirit AeroSystems Inc. which has work on all of Boeing¹s commercial programs.