Boeing released its 4th quarter earnings report, posting a 5% defense revenue boost for the quarter and a 7% increase for 2017
Boeing released its fourth-quarter earnings report early Wednesday, posting a 5-percent defense revenue boost for the quarter and a 7-percent increase for the year.
Defense, Space & Security fourth-quarter revenue grew to $5.537 billion, while the year's earnings topped $21 billion. The gains were driven primarily on higher weapons deliveries, the company said, and the fourth-quarter operating margin was 10 percent, a gain of 0.1 points from 2016.
During the quarter, Boeing signed a contract during with the U.S. Air Force to provide 36 F-15 fighter jets to Qatar. Another contract with Japan will see the company deliver the first KC-46 Tanker.
Throughout the year, Boeing delivered 68 new and remanufactured AH-64 Apache helicopters, 44 new and renewed CH-47 Chinook helicopters, 16 F-15 fighter jets, 23 F/A-18 Hornet jets, 19 P-8 Poseidon MPAs, and one military satellite.
Backlog was reported at $50 billion, 40 percent of which represents orders from international customers.
Boeing said it anticipates $21.5-22.5 billion in revenue for Defense, Space & Security this year. On Tuesday, the company named Jeff Shockey as the new head of defense and space sales.
Overall, Boeing reported higher than anticipated income of $3.13 billion for the quarter. The gains were driven in part by tax law changes, as well as strong demand across the board.
