Boeing posts fourth-quarter and full-year results
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Manufacturing News, Source : TheManufacturer.com
Published : 29 Jan 2004 16:12
Chicago, IL-based aerospace giant Boeing, after a tumultuous year which saw the resignation of its CEO, posted its fourth-quarter and full-year results today.
Boeing’s net income for the fourth quarter of 2003 was $1.1 billion on revenues of $13.2 billion. Its net income for the year was $0.7 billion on revenues of $50.5 billion, down from 2002’s full-year revenues of $54 billion.
"This past year was notable both for the solid performance turned in by most of our businesses, as well as the challenges we faced," said Boeing President and CEO Harry Stonecipher in a statement.
“Despite the most severe market challenges our industry has faced, Boeing Commercial Airplanes continues to perform well in terms of productivity and profitability,” he said, likely referring to rival aerospace manufacturer Airbus, who recently announced that it had produced 305 civil airplanes in 2003, compared with Boeing’s 281. “With the Board's approval to begin selling the 7E7, we are well positioned as the industry recovers with an airplane we believe will provide significant benefits to airlines and passengers," Stonecipher said.
"While there is no doubt that the emergence of ethical issues during the year was deeply disappointing to all of us, I feel strongly that we acted quickly and aggressively to address the issues," Stonecipher said. Boeing’s chief financial officer Mike Sears was fired last November for unethical conduct. Boeing had claimed that Sears had negotiated the hiring of an Air Force missile defense expert, Darlene Druyun, while she was still working for the Pentagon and could influence defense contracts. Druyun was also fired in November. Then-CEO Philip M. Condit resigned soon after, replaced by Stonecipher.
"As we move into 2004, our focus is on execution, demonstrating our commitment to integrity, and raising our performance to a new level,” said Stonecipher.
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