Boeing profit falls 30% on after-tax charge

Shares fell more than 6 percent in Wednesday premarket trading. Revenues were projected at $93-$95 billion, lagging the $96.1 billion analyst estimate.

Boeing delivered 762 jetliners in 2015, exceeding its target of 755 to 760 planes. The Chicago-based company has been boosting production as it works to deliver a backlog of nearly 5,800 commercial jets.

Per-share core operating earnings, which exclude such items as pension components related to market fluctuations, were $1.60 a share.

Boeing offered a disappointing outlook on 2016 sales and profits Wednesday after reporting a drop in fourth-quarter profits, sending shares tumbling.

The company has already announced plans to slow output of its 747 jumbo jetliner this year and executives have said they are studying a similar production cut for the best-selling 777 jetliner amid a transition to an upgraded model.

Net income fell to US$1.03 billion, or US$1.51 per share, in the fourth quarter, from US$1.47 billion, or US$2.02 per share, a year earlier.

Last week Boeing said that its fourth-quarter would include a $569 million charge related to cutting production of its 747-8 cargo plane due to a slowdown in its air-freight business.

Analysts had forecast $1.28 a share in adjusted earnings on $23.53 billion in revenue. Analysts surveyed by FactSet are calling for a profit of $9.41 per share on revenue of $97.26 billion.

The railroad posted revenue of $2.52 billion in the period, also missing Street forecasts.