Delays to its 787 and 747-8 programmes and higher costs on the 737-based airborne early warning and control programme hit Boeing hard last year, with corporate pre-tax profits plunging 56% year-on-year to $1.73 billion despite a 12% rise in revenues, to $68.3 billion.
For deliveries, the Commercial Airplanes unit hit the current cycle peak with 481 units - compared with 375 in 2008 - but suffered badly financially. Revenue dipped more than one-fifth to $34.1 billion and full-year operating income swung to a $583 million loss. The unit turned a $1.19 billion profit in 2008.
In Defence, Space and Security, revenue gained 5% to $33.7 billion and operating profits were up 2% to $3.3 billion. The Boeing Capital financing arm lost 6% revenue, to $660 million, and operating profits dipped by 22% to $126 million.
For 2010, Boeing expects commercial deliveries to decline slightly to between 460 and 465 aircraft, largely driven by the previously announced cut in 777 production from seven to five a month from mid-2010.
Source: Flight International
