Boeing today reported a seven per cent rise in third quarter net profit but warned plane deliveries will plunge after the terror attacks, which forced it to cut 20,000-30,000 jobs.
Net profit totalled $650 million in the July-September quarter, up from $609 million in the same period a year earlier, it said in a statement.
Revenue surged 15 per cent to $13.687 billion.
Boeing took a net charge of $63 million for the first wave of 12,000 job cuts, which are to be completed by December 14th. A total 20,000 to 30,000 posts are to be axed by the end of 2002.
"The entire Boeing team demonstrated tremendous resolve in responding to sudden and dramatically altered circumstances following the events of September 11th," Boeing chairman and chief executive Mr Phil Condit said.
Boeing warned of lower profit margins and falling revenue next year, however. The company said it may halt production of the 100-seat twin-engine Boeing 717.
Military aircraft and missile system revenues rose to $3.3 billion in the quarter from $2.8 billion a year ago, largely due to greater aerospace support, initial C-40 deliveries to the US Navy and an increased delivery rate of F/A-18E/F aircraft.
In space and communications, revenues surged 67 per cent from a year earlier to $2.7 billion, largely due to growth in missile defense and classified programs.
AFP