Boeing Space Systems Posts Losses Fourth Quarter, 2007
[Satellite Today – 1-30-08] Revenues for Boeing Co.’s Network and Space Systems fell 15 percent for the fourth quarter and 2 percent for 2007, the company announced Jan. 30.
Operating profit slipped from $467 million in the 2006 fourth quarter to $295 million in the most recent quarter as revenues fell from $3.4 billion a year ago to $2.9 billion due to the loss of revenue from launch operations transferred to the United Launch Alliance joint venture. For the year, the space business reported revenues of $11.7 billion and operation profit of $891 million. In 2006, the business reported revenues of $12 billion and operating profit of $952 million.
Overall, Boeing reported a record year, with net income increases of 84 percent to a record $4.1 billion. The increase was due to higher commercial airplane deliveries, strong growth in defense earnings, companywide productivity improvements and certain charges recorded in 2006. Revenue rose 8 percent to a record $66.4 billion.