Boeing Co. (Chicago) said fourth-quarter profit surged amid increased commercial aircraft deliveries and a one-time gain from US tax cuts.
The aircraft maker also forecast increased revenue and profit for 2018.
The company posted a fourth-quarter profit of $3.13 billion, or $5.18 a share from $1.63 billion, or $2.59, a year earlier. The fourth-quarter 2017 results included a gain of $1.74 a share. The US corporate tax rate was cut to 21% from 35% in December. Boeing said it revised its US tax liabilities to reflect the cut.
Boeing “core earnings,” which exclude some one-time costs and gains, totaled $4.80 a share for the fourth quarter, up from $2.47 a year earlier.
Revenue for the quarter advanced to $25.4 billion from $23.3 billion in 2016’s final three months. The company’s commercial aircraft deliveries rose to a record 209 from 185 during the same period in 2016.
Boeing has cut jobs, reduced expenses and moved to improve efficiency. It began delivering the 737 MAX aircraft last year. The company also is bringing out the 787-10, an addition to its 787 line of aircraft.
For all of 2017, Boeing posted a profit of almost $8.2 billion, or $13.43 a share, up from almost $4.9 billion, or $7.61, in 2016. Full-year core earnings totaled $12.04 a share, up from $7.24 the year before. Revenue in 2017 fell 1% to $93.4 billion.
The company forecast that a 2018 profit of $15.90 to $16.10 a share and core earnings of $13.80 to $14 a share. Boeing expects 2018 commercial aircraft deliveries to soar to 810 to 815, up from 763 in 2017.
Boeing also forecast 2018 revenue of $96 billion to $98 billion.