Last Update: 30-Jan-13 07:56 ET
Boeing shares rise 1% following beat on earnings
Boeing (BA $74.45 +0.80) reported fourth quarter earnings of $1.28 per share, $0.08 better than the Capital IQ consensus of $1.2, while revenues rose 14.0% year/year to $22.3 bln vs the $22.29 bln consensus. Operating cash flow in the quarter was $4.2 billion, driven by higher commercial airplane deliveries, continued strong operating performance and timing of receipts and expenditures. Free cash flow was $3.7 billion in the quarter Co delivered 601 planes in 2012, in line with expectations. Total company backlog at year-end was a record $390 billion, up from $378 billion at the beginning of the quarter, and included net orders for the quarter of $35 billion. Backlog is up $35 billion from prior year-end, reflecting $114 billion of net orders in 2012. 2013 Guidance Co issues downside guidance for FY13, sees EPS of $5.00-5.20, excluding non-recurring items, vs. $5.20 Capital IQ Consensus Estimate; sees FY13 revs of $82-85 bln vs. $88.08 bln Capital IQ Consensus Estimate. 2013 Guidance Operating cash flow guidance of greater than $6.5 billion includes $1.5 billion of pension contributions Co sees deliveries in the range of 635-645 compared to 601 in 2013 Operating Margin expected to be approx 9.5% R&D expected to be approx $3.4 bln CapEx expected to be approx $2.3-2.5 bln Pension Expenses expected to be approx $3.2 bln Effective Tax Rate expected to be approx 30%.
Boeing (BA $74.45 +0.80) reported fourth quarter earnings of $1.28 per share, $0.08 better than the Capital IQ consensus of $1.2, while revenues rose