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Boeing (NYSE: BA), the aircraft maker, reported fourth quarter earnings Wednesday that beat analyst expectations on stronger than expected revenue, sending shares higher. The company also commented on the recent actions taken by federal regulators on the 787 Dreamliner.

For the fourth quarter of 2012, Boeing reported earnings per share of $1.28 compared to estimates of $1.18 per share. Revenue was also stronger than expected in the quarter at $22.3 billion compared to estimates of revenue of $22.24 billion.

Also, for the full year 2012, Boeing reported core EPS (on a non-GAAP) basis of $5.88 per share and reported GAAP EPS of $5.11 per share. Also for the year, operating cash flow rose to $7.5 billion and the order backlog grew to a record $390 billion.

Core EPS guidance (non-GAAP) for 2013 was given as between $6.10 and $6.30, while EPS guidance was given at between $5.00 and $5.20. Revenue guidance was between $82 and $85 billion. Analysts were looking for GAAP EPS between $5.00 and $5.20 per share for 2013 and revenue of $88.19 billion.

"Strong fourth-quarter operating performance capped a year of significant growth and solid execution, driving higher earnings and cash flow for our company," said Boeing Chairman, President and Chief Executive Officer Jim McNerney.

"In a year of considerable achievement, Boeing was the commercial aviation market leader for both orders and deliveries, with more than 600 airplanes delivered, including the first three Charleston–built 787 Dreamliners. Significant new international orders for Defense, Space & Security and more than 900 orders for the 737 MAX also contributed to our record company backlog."

On the 787 Dreamliner, he said, "Our first order of business for 2013 is to resolve the battery issue on the 787 and return the airplanes safely to service with our customers. At the same time, we remain focused on our ongoing priorities of profitable ramp up in commercial airplane production, successful execution of our development programs, and continued growth in core, adjacent and international defense and space markets."

The company also included this statement in the press release: "On January 16, 2013, the Federal Aviation Administration (FAA) issued an airworthiness directive that resulted in all in-service 787s temporarily ceasing operations.

The company is committed to working with the FAA and other applicable regulatory authorities to return aircraft to service with the full confidence of customers and the traveling public. While production continues on the 787, the company is suspending deliveries until clearance is granted by the FAA."

Boeing shares responded positively in the pre-market, rising 0.87 percent to $74.29 per share. The stock is near the top of its 52-week range at $78.02 per share.

Posted-In: Earnings News Guidance Management Hot Pre-Market Outlook Markets Movers Best of Benzinga

 

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