1Q earnings: solid performance despite
charges
Boeing reported increased revenues and reduced earnings in the first
quarter of 2002. Quarterly revenues totaled $13.8 billion, up 4 percent
from the previous-year period. Net earnings for the period totaled $602
million, excluding non-recurring items and adoption of a new accounting
standard, on operating margins of 7.4 percent. During the previous-year
period, the company reported net earnings before non-recurring items of
$761 million, on operating margins of 9.2 percent.
"Overall, [first-quarter] financials reflect solid performance across
almost all of our aerospace and finance businesses," said Boeing
Chairman and CEO Phil Condit in an April 17 conference call with analysts
and reporters. The current quarter charges were attributed to higher stock
compensation expenses and cost performance issues in the company's commercial
satellite unit. Together with the previously announced, $1.8-billion noncash
after-tax charge to adopt Statement of Accounting Standards No. 142, (SFAS
142), the company experienced a net loss of $1.25 billion for the quarter,
or $1.54 a share.
|