Boeing reported fourth-quarter net income of $1.2 billion, a decline of 8% compared to 2009, on revenue of $16.6 billion, down 8% compared to the previous year. The results reflect solid performance across the company’s core programs, a favorable tax settlement (+$0.50 per share), and a special one-time contribution to Boeing’s charitable trust (-$0.05 per share).
Net income for the full year was $3.3 billion, up 137%, on revenue of $64.3 billion, up 6% compared to 2009, which included the $0.45 per share net impact of the favorable tax settlement and the charitable trust contribution. First-quarter 2010 included a $0.20 per share tax charge on health care legislation. Earnings per share for 2009 of $1.84 included a combined $3.58 per share impact due to the 787 R&D reclassification and 747 charges.
Earnings guidance for 2011 has been established at between $3.80 and $4.00 per share reflecting solid core performance, higher pension expense, the revised 787 schedule and the current defense contracting environment.
