Aerospace giant Boeing Co on Thursday reported higher fourth-quarter profit, beating Wall Street forecasts, boosted by a large tax refund.
Net income rose to $1.11 billion, or $1.37 per share, from $590 million, or 73 cents per share, in the fourth quarter of 2002.
Excluding the tax refund, earnings fell to 50 cents a share, topping the average forecast of 46 cents among 18 analysts polled by Reuters Research, a unit of Reuters Group Plc.
Revenue declined 4 percent to $13.2 billion. For the year, revenue fell 7 percent to $50.5 billion, the first year in which Boeing's jetliner deliveries fell behind those of European rival Airbus SAS.
Boeing shipped 281 jets in 2003, its lowest total since 1996, and projected deliveries would remain at the same depressed levels through 2005 as airlines continue to lose money amid a stubborn air travel slump.
In Boeing's growing defence and space unit, which ranks as the No 2 Pentagon contractor, operating profit rose 8 percent to $603 million during the fourth quarter
Boeing said it expects revenue to rise to about $52 billion in 2004 and to between $55 billion and $57 billion in 2005. Wall Street has forecast 2004 sales of $51.82 billion and 2005 sales of $54.96 billion.
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