Boeing back in profit

US aerospace giant Boeing reported Wednesday a swing into profit in the fourth quarter on soaring sales but said it faces 'significant' challenges that could impact results in 2010. Boeing posted fourth-quarter earnings of $1.268 billion, lifted by a surge in revenues. The aerospace giant's earnings amounted to $1.75 per share, well ahead of analyst expectations of $1.36 a share. The results compared with a loss of $86 million in the same period a year earlier, when earnings were hit by a machinists strike and charges to modify its 747 aircraft. Revenues for the October-December period rose 42 per cent to $17.93 billion, slightly better than expectations. 'We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company,' said Jim McNerney, Boeing chairman, president and chief executive, referring to the new Dreamliner aircraft whose first test flight took place last month. 'Focus areas for 2010 are to continue our strong operational performance, certify and deliver the 787 and 747-8, and further reposition our defence, space and security business. 'While the challenges ahead are significant, I believe we have the people and the resources we need to be successful and to begin consistently delivering on this company's great potential.' For all of 2009, Boeing said it had net profit of $1.312 billion, less than half it made in the prior year. Full-year revenue rose to 'a record' $68.281 billion, the Chicago-based firm said, a 12 per cent rise from 2008 driven by an increase in commercial aircraft sales and growth in the defence unit. Earnings per share were $1.84, also beating analysts' expectations of 1.44 dollars and the company's own guidance of $1.35 to $1.55. The commercial aircraft division had a net loss of 600 million dollars for the year due developments with the much- delayed new 787 Dreamliner program and the wide-body 747, the firm said.