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US defense business giants Q4 earnings results wrap up

US defense business giants Q4 earnings results wrap up 105393850 153418485769043026683351 96aa039750 k

Department of Defense photo

U.S. Navy Aviation Electronics Technician signals to the crew of an EA-18G Growler on the flight deck of aircraft carrier USS Carl Vinson.

Boeing’s earnings were a smash hit, crushing Wall Street estimates by 91 cents with an adjusted quarterly profit of $5.48 a share. The aerospace manufacturer’s quarterly revenue was also solid, at $28.3 billion. Additionally, Boeing reported $101.1 billion in annual revenue, breaking the $100 billion mark for the first time.

Boeing’s defense unit reported $6.1 billion in fourth-quarter revenue. The company said the 16 percent year-over-year increase was driven by a rise in volume across F/A-18 fighter jets, satellites and weapon programs.

As the world’s second largest defense firm, Boeing bagged a significant number of Pentagon contracts last year. In September alone, Boeing was awarded more than 20 contracts with a cumulative value of $13.7 billion.

The aerospace giant scored $805 million for the Navy’s MQ-25 aerial refueling drone, $9.2 billion for the Air Force’s T-X Trainer, $2.4 billion for the UH-1N helicopter replacement and $3.9 billion for twin Air Force One aircraft.

Boeing also delivered the long-delayed KC-46 tanker to the Air Force last week. The two aircraft, derived from Boeing’s commercial 767 frame, touched down at McConnell Air Force Base in Kansas on Friday after departing the company’s Everett, Washington, facility.

source : CNBC

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