Boeing ended 2011 on a high with a 20 percent rise in net income for the fourth quarter, and 21 percent for the year as a whole, partly due to an increase in sales of commercial aircraft.
Net income for Q4 2011 was $1.39 billion, compared with $1.16 billion last year, while net income for the year was $4 billion, compared with $3.3 billion in 2010.
Revenues from commercial aircraft increased 31 percent in the final quarter compared to 2010, from $8.1 billion to $10.4 billion. For the years as a whole they were up 14 percent, from $31.8 billion to $36.2 billion.
Consolidated group revenues for 2011 were $68.7 billion, up from $64.3 billion in 2010. For 2012, Boeing said it expects revenues to be between $78 and $80 billion.
"Strong fourth-quarter operating performance, record revenue and backlog, and expanded earnings and cash flow capped a year of substantial progress for Boeing in 2011," said Jim McNerney, Boeing chairman, president, and chief executive officer.
"Major accomplishments of our team during the year included certifying and delivering the first 787s and 747-8s, winning the US Air Force Tanker program, launching the 737 MAX, and securing both an important US missile defense contract and a key agreement for F-15s to Saudi Arabia.
"We enter 2012 with renewed momentum, and proven business and product strategies,” he continued. “With a record backlog and intense focus on productivity, we are well positioned to deliver growth and increased competitiveness, even as we face constrained US defense spending and pension headwinds. “
At year-end, Boeing had over 1,000 orders and commitments for the 737 MAX, including 150 firm orders from launch customer Southwest Airlines.
Commercial Airplanes booked 379 net orders during the quarter and 805 during the full year. Backlog remains strong with more than 3,700 aircraft valued at a record $296 billion.
In the fourth quarter, Boeing Defense, Space & Security's revenues increased by 4 percent to $8.5 billion, while Boeing Military Aircraft saw a nine percent increase to $3.9 billion.
During the quarter, the US Government and Saudi Arabia reached agreement on the purchase of 84 new F-15SA aircraft and upgrades to an additional 70 F-15Ss.
