Aerospace and defense company Boeing Co <BA.N> reported net profit that beat expectations for the fourth quarter on Wednesday, and said it expected deliveries of commercial airplanes to surge in 2014.
Chicago-based Boeing said net income in the quarter rose to $1.23-billion, or $1.61 a share, from $978-million, or $1.28 a share, a year earlier.
Revenue rose to $23.8-billion from $22.3-billion in the quarter.
Core earnings, which exclude some pension expenses, rose 29 per cent to $1.84-billion, or $1.88 a share, compared with $1.46 a share a year earlier.
Analysts had expected core earnings per share of $1.57 for the fourth quarter, and revenue of $22.7-billion, according to Thomson Reuters I/B/E/S.
Boeing said it would deliver between 715 and 725 commercial airplanes this year, a possible increase of nearly 12 per cent from a record 648 in 2013.
It expects core earnings to rise to as much as $7.20 a share in 2014, up less than 2 per cent from $7.07 a share for 2013.
Boeing’s results included a non-cash charge of $406-million to settle litigation over the canceled A-12 stealth bomber program.
The U.S. Justice Department announced a settlement with Boeing and General Dynamics Corp <GD.N> last week that includes three additional EA-18G fighter jets, which will be paid for by Boeing. <ID: nL2N0L309C> Boeing said its earnings reflect a charge of 34 cents a share for the A-12 settlement, which was partly reduced by a 28 cent per share gain from a favorable change in tax regulations.
In pre-market trading, Boeing shares were down 1.1 per cent to $135.57.