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CHICAGO : Boeing reported on Wednesday a 19 percent drop in quarterly profit to 852 million dollars, coming up short of Wall Street estimates but maintaining its outlook through 2009.
The US aerospace giant also said its key 787 Dreamliner programme remains on schedule for test flights late this year and initial deliveries in the third quarter of 2009.
Boeing said it second-quarter net income amounted to 1.16 dollars per share, shy of the Wall Street consensus of 1.23 dollars.
Revenues for the period to June 30 were essentially flat compared with the same period a year ago at 17 billion dollars.
"While we faced some challenges this quarter that affected our results, we remain confident in our outlook for the remainder of this year and 2009," said chairman, president and chief executive Jim McNerney.
"Strong global demand for our products and services, a record backlog, and a sustained focus on productivity improvement and execution will continue to drive growth and profitability for this company."
Boeing reaffirmed its 2008 earnings guidance of between 5.70 and 5.85 dollars per share as well as its 2009 earnings per share guidance of between 6.80 and 7.00 dollars.
Boeing said its profit was impacted by the delay in the Dreamliner programme which pushed back some revenues and a previously disclosed charge for one of its defence programmes.
Boeing said progress on the new 787 Dreamliner "continues on the revised schedule announced in April" after a series of delays.
"Having completed the power-on milestone, the programme is in the final stages of assembly of the first airplane in preparation for flight test," the company said.
"While Boeing continues to address challenges associated with assembly of the initial airplanes, the programme has achieved meaningful improvements in the completeness of structure and systems installation."
To date, the programme has won orders for 896 airplanes from 58 customers. - AFP/de
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