Boeing Co on Wednesday said its quarterly profit slipped after the company made fewer commercial airplane deliveries than a year ago, and the company predicted a hit to earnings partly from delays to the 787 Dreamliner program.
Boeing said its fourth-quarter net profit was $1.16 billion, or $1.56 per share, compared with $1.27 billion, or $1.75 per share, a year earlier.
Excluding one-time items, Boeing said it earned $1.11, which is in line with Wall Street expectations, according to Thomson Reuters I/B/E/S.
Items include a favorable non-cash tax settlement of 50 cents a share and a one-time charitable contribution. Excluding these one-time items, the company said it earned $1.11 per share.
The company predicted 2011 earnings between $3.80 and $4.00 per share, which is below the Wall Street forecast of $4.55 per share. Boeing said the results would be affected by higher pension expense, the revised 787 schedule and the current defense contracting environment.
The company recently delayed first delivery of the Dreamliner to the third quarter from the first.
Boeing said its fourth-quarter revenue fell 8 percent to $16.55 billion. Wall Street had expected revenue of $17.02 billion, according to Thomson Reuters I/B/E/S.
Boeing's commercial airplanes division saw fourth-quarter revenue decrease 11 percent to $8.2 billion on lower-than- expected 777 and 747 airplane deliveries.
Revenue for Boeing's Defense, Space & Security unit slipped 5 percent to $3.63 billion.
Boeing, which competes with EADS subsidiary Airbus, said this month it delivered 116 commercial aircraft in the fourth quarter, down from 122 a year ago. Aircraft manufacturers only get paid on delivery, usually at least 18 months after purchase.
Airbus sold 644 planes in 2010 -- 19 more than Boeing. For the eighth year running, Airbus also delivered more planes than its U.S. rival.
Shares of Boeing, a Dow Jones industrial average component, have risen about 30 percent since the beginning of 2010, compared with a gain of about 14 percent for the index.
(Editing by Steve Orlofsky and Maureen Bavdek)