Aerospace and defense contractor Boeing outpaced expectations for the fourth quarter, posting a 59 percent leap in profit — to $1.63 billion — despite slumping space-systems income.
On the year, Boeing saw a 5 percent decline in net income to $4.90 billion, or $7.61 per share.
Boeing’s quarterly revenue dipped 1 percent $23.29 billion. Annual revenue fell 2 percent to $94.57 billion.
Operating income from Boeing’s Networks and Space Systems unit fell 4 percent for the quarter and 32 percent on the year, to $157 million and $493 million, respectively.
Space-unit revenue was off 8 percent in the quarter and 9 percent over 12-months, at $1.80 billion and $7.05 billion.
“We led the industry in commercial airplane deliveries for the fifth consecutive year, achieved healthy sales in our defense, space and services segments, and produced record operating cash flow,” Chairman-CEO Dennis Muilenburg said. “(That) fueled investment in innovation and our people and generated significant returns to shareholders.”
Boeing shares (NYSE: BA) rallied after the earnings news was announced prior to markets opening on Jan. 25. The stock closed up 4.2%, pressing for a new 52 week high at $167.36.