Boeing, whose businesses run from aerospace to commercial-airplane manufacturing, absorbed a 30 percent drop in fourth-quarter net income to $1.03 billion, and its space-systems unit was among the operational laggards.
Quarterly revenue fell 4 percent overall to $23.57 billion. Network & Space Systems, part of the Chicago-based company’s Defense, Space & Security division, marked an even bigger 15 percent quarterly revenue decline to $163 million.
For the full year, Boeing (NYSE: BA) reported a 5 percent profit dip to $5.18 billion overall, despite a 6 percent increase in revenue to $96.11 billion.
Boeing’s biggest obstacle to brighter financials in 2014 was a still-sluggish air cargo market.
The downbeat quarter for its space operations followed a relatively upbeat Boeing third quarter. In keeping with the dour close to the year, Boeing learned in November it had been booted from NASA’s short list of contractors to ship cargo to the International Space Station after 2018.
Boeing’s space holdings include a 50-50 joint venture with Lockheed Martin, United Launch Alliance.
Boeing’s year-end results, released just before the start of trading on Jan. 27, modestly outpaced Wall Street projections. But its shares plunged $11.44, or 9 percent, to close at $116.57 on the day after a broadly negative session.
The stock has been trading toward the lower end of a 52-week range of $115.02-$158.83.