Boeing reports slip in sales and profits

Boeing reports slip in sales and profits

Boeing saw sales and profits slide last year despite claiming extending market leadership in its commercial aircraft business.

The US manufacturer achieved sales of $94.6 billion, a drop of 2% against 2015, and net earnings down 5% to 4.9 billion.

Revenue is expected to slip further in 2017 to between $90.5 billion and $92.5 billion even though commercial aircraft deliveries are projected to rise to between 760 and 765 aircraft.

The company delivered 748 commercial aircraft last year, down from 762 in 2015, but claimed to have led the market for “the fifth consecutive year,” according to president and chief executive Dennis Muilenburg.

Boeing has a “robust” backlog of more than 5,700 commercial aircraft orders valued at $416 billion.

“With solid fourth quarter operating performance and a sharp strategic focus, we extended our aerospace market leadership in our centennial year and positioned Boeing for continued growth and success in our second century,” Muilenburg said.

Boeing delivered the 500th 787 Dreamliner during the final quarter of 2016 and started final assembly of the 787-10 aircraft.

The company has captured more than 3,600 orders for the new generation 737 MAX, including 100 for Indian carrier SpiceJet.

It achieved 288 orders in the final three months of 2016.

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