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Boeing shares gain in 2006 on 787 "Dreamliner" sales, Airbus' struggles

Boeing shares gain in 2006 on 787 "Dreamliner" sales, Airbus' struggles

Aerospace company Boeing Co.'s stock jumped by about a quarter during 2006, benefiting from strong orders for its commercial airplanes and the stumbles of rival Airbus.
Chicago-based Boeing, with a market capitalization of $70.19 billion (euro53.21 billion), is set to surpass its European competitor in airplane orders for the first time since 2000.
Customers flocked to Boeing's new, more fuel-efficient 787 "Dreamliner" jet and 777 aircraft, while Airbus' flagship jumbo A380 jet suffered from production difficulties and concerns about fuel costs.
During the summer, Boeing warned that the 787 faced weight problems and supplier delays _ but the program was on budget. Since then, the company announced $635 million (euro481.5 million) in additional spending to pare the excess weight while _ so far _ maintaining its mid-2008 schedule for entry into service, with the first flight promised next year.
Boeing said in October it expects full-year 2006 revenue of about $60.5 billion (euro45.86 billion) and 2007 sales of between $65.5 billion (euro49.65 billion) and $66 billion (euro50.03 billion). Wall Street, on average, is expecting 2006 sales of $60.5 billion (euro45.86 billion) and 2007 revenue of $65.91 billion (euro49.96 billion), according to an analyst poll by Thomson Financial.
Boeing reported $54.85 billion (euro41.58 billion) in 2005 revenue and $52.46 billion in 2004.
In Tuesday afternoon trading on the New York Stock Exchange, Boeing shares rose a penny to $88.77, up 26.4 percent from their Dec. 30, 2005 close of $70.24.


Updated : 2021-04-21 15:56 GMT+08:00