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Boeing Restates Earnings, Loss Widens

AP
posted: 287 DAYS 12 HOURS AGO
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CHICAGO (Feb. 9) - Airplane maker and defense contractor Boeing Co. on Monday lowered its reported fourth-quarter and fiscal 2008 earnings per share results by 4 cents per share, citing lower aircraft values in its customer financing portfolio and increased liabilities linked to an arbitration ruling.
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The company reported the revision in its 10-K filing with the Securities and Exchange Commission.
On Jan. 28, Boeing reported a surprise fourth-quarter loss, as it faced weaker air traffic and pressure on military budgets, and announced plans to cut 10,000 jobs. The company reported a loss of $56 million, or 8 cents per share, for the quarter, compared with profit of $1.03 billion, or $1.36 per share, a year earlier.
Boeing's revised fourth-quarter loss now stands at 12 cents per share, and its fiscal 2008 loss per share totals $3.67 instead of $3.71. Based on the company's 729 million shares outstanding at Dec. 31, Boeing's fourth-quarter loss would now total about $85 million.
Shares fell 12 cents to close earlier at $42.80.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-02-09 17:52:55
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