Boeing quarterly profit more than doubles

CHICAGO (AP) — Boeing Co. on Wednesday said its fourth-quarter earnings more than doubled as the huge aerospace company's resurgent commercial airplane division posted strong gains.

The company also raised its profit outlook for 2006, citing better operating performance.

Its shares rose $2.79, or 4 percent, to $71.10 in premarket trading, approaching the high end of its 52-week range of $50.07 to $72.40.

Boeing's fourth quarter net income rose to $460 million, or 58 cents per share, up from $186 million, or 23 cents per share a year earlier. The year-ago profit was depressed by heavy charges for ending production of its 717 jet and writing off its loss of a controversial Pentagon contract.

Chicago-based Boeing reported fourth-quarter revenue of $14.2 billion, up from $13.3 billion a year earlier but below Wall Street estimates of $14.8 billion.

Boeing's Seattle-based commercial airplane division had operating earnings of $330 million, up from a $149 million loss in fourth quarter 2004.

For the full year, Boeing's net profits grew 37 percent to $2.6 billion, capping a year in which it closed the gap on Airbus for the world's top spot in commercial aviation. Boeing's earnings amounted to $3.20 a share in 2005 versus $1.87 billion, or $2.30 a share, a year ago.

Toulouse, France-based Airbus said earlier this month it unexpectedly beat Boeing's tally for jet orders last year. But Boeing surpassed Airbus in value terms after winning 70 percent of global orders for larger, pricier planes, led by its fuel-efficient 787 Dreamliner.

Boeing increased its 2006 earnings per share forecast to between $3.25 and $3.45, up from $3.10 to $3.30, citing better operating performance and a lower-than-expected tax charge in the first quarter.

___