Boeing Co. (NYSE: BA) announced its fourth quarter financial results for fiscal year 2017 and beat all analysts’ estimates in both earnings and revenues. Boeing shares were 6.3 percent higher during Wednesday’s pre-market hours.
For the fourth quarter, Boeing reported revenue of $25.4 billion, increasing 9 percent year over year, and beating analysts’ estimates of $24.7. Boeing reported an adjusted EPS of $4.80, increasing 94 percent year over year, and beating analysts’ estimates of $2.89.
Boeing delivered 209 commercial aircrafts, delivering $15.5 billion in revenue. Deliveries increased 13 percent year over year, while revenue increased 8 percent.
Boeing’s Global Services showed strong growth, reporting revenue of $4.0 billion, increasing 17 percent year over year. Boeing was awarded a contract for F-15 Qatar Sustained, signed with All Nippon, and India selected BGS for P-8I Poseidon training.
"Across Boeing our teams delivered a record year of financial and operational performance as they focused on disciplined execution of production and development programs, growing services, and delivering value to customers," said President and Chief Executive Officer Dennis Muilenburg. "That performance enables increased investments in our people and our business, and greater cash return to shareholders."
For the full year, Boeing reported revenue of $93.4 billion reflecting a record 763 commercial deliveries. Along with record deliveries, Boeing booked another 912 jet order, bringing its total backlog up to 5,864 commercial orders, also another all time high.
“Looking forward, our team remains focused on winning through innovation, driving growth and productivity and extending our position as the world's leading aerospace company – delivering the best value to our customers, our employees and our shareholders." said Muilenburg.
Boeing had a strong 2017 fiscal year, but the company expects an even stronger 2018 year. Boeing forecasts revenue between $96 billion and $98 billion reflecting upon between 810 and 815 commercial deliveries. Boeing also forecasts an adjusted EPS of between $13.80 and $14.00.