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Boeing disappoints as misses forecasts
US Airplane maker Boeing weighed on the Dow index yesterday after it offered a weaker-than-expected 2011 earnings outlook due to higher pension costs and fewer than expected plan deliveries.
The New York-listed firm said revenues rose eight per cent on last year to $16.55bn (£10.4bn) in the last three months of 2010, while earnings per share rose 11 per cent to $1.56.
Boeing said last week that its long-anticipated 787 Dreamliner plane faces further delays.
The company said it will focus on delivering the 787 this year, and expects its commercial airplanes division to deliver between 485 and 500 airplanes in 2011.
Boeing’s shares lost 3.1 per cent to close at $70.02 yesterday.