By Calvin Biesecker
Defense Daily
Driven by strong results across its operations, Boeing on Wednesday reported a big increase in its bottom line and a solid gain in the top line in its first quarter, and the company boosted its guidance this year for earnings and cash.
Net income was up 57 percent to $2.5 billion, or $4.15 per share, from $1.6 billion, or $2.54 per share, a year ago. Stripping out some pension adjustments, Boeing’s core earnings were also up richly: $3.64 per share compared with $2.17 a year ago. That beat the streets by $1.07 per share.
Sales rose 6 percent to $23.4 billion from $22 billion a year ago.
Boeing, along with rival Northrop Grumman, is maturing technology for a next-generation, nuclear-tipped intercontinental ballistic missile. Boeing got its three-year deal from the Defense Department last year. The pact is worth about $350 million. The Pentagon plans to down select to a single provider in 2020.
Known as the Ground-Based Strategic Deterrent, the new missiles will replace the aging Minuteman IIIs, which carry W-78 and W87 warheads furnished by DOE’s National Nuclear Security Administration.
