Boeing BoeingDo not always rely on appearancesAnd those who are already since June the 25 in Banca Nazionale del Lavoro in Italy EUR 2SNCF is based on the white platform Feedback 2The left will bring to to support MartineFor other users it is an illegitimate costYou want definitely to the CGT and the CFDT190 units and everyone agrees that it is too accumulated these groups are a majority of the populationSince the publication of the press release UWould have Boeing eaten his white bread While yesterday revealing record results for 2007, year marked by the quasi-doublement of net income to 4,074 billions of dollars, the American manufacturer has once again reviewed to increase the impact of the 787 delays on its future results. Boeing, which originally provided to deliver 48 Dreamliners this year, announced on January 17 the postponement of the first deliveries in early 2009. As a result, the growth of its turnover by 8 in 2007 to 66,38 billion should significantly slow this year to reach 67 and 68 billion, instead of 71 to 72 billion originally expected early 2007. Last November, the aircraft manufacturer had already reduced its sales forecast to between 68.5 and 67.5 billion, after six months of delay on its load plan. Total delays of the B787, from six to nine months, therefore result in a shortfall of 4 billion dollars in 2008.
Us Aeronautics giant has nevertheless revised upward its forecast of earnings per share for 2008, with the increase in productivity, "above expectations", according to CEO Jim McNerney. The manufacturer table now on a range of 5.7 to 5.85 dollars per share, against 5.55 to 5.75 originally planned $ and $ 5.28 for 2007. Like last year, the civil aviation branch, which is now more than 50 of the revenue and 78 of the order book, will continue to growth, with a pole defence and security in 3 last year. The gross operating margin of civil aviation, an increase of 1.1 points last year to 10.7, could rise to 11.5 in 2008. Moreover, the backlog, valued $ 255 billion or more than seven years of the civil aviation domestic turnover is expected to continue to grow. If 1.423 historical record orders in 2007 will certainly not be exceeded, Boeing should nevertheless continue to earn contracts at higher at 475 to 480 planned deliveries this year. Despite the risk of recession in the United States, Jim McNerney, like his counterpart of EADS Louis Gallois, does not believe in a next cycle turning and table on a maintenance orders "to a higher level, at least until 2010".
Far to EADS
This learned cocktail of good results and reassuring prospects has enjoyed on Wall Street, where the action of the US Group progressed in the afternoon of 2.93, to $ 83.33. Despite the difficulties of the 787, the Group remains in effect far before rival EADS, whose turnover 2007, which will be unveiled on March 11, should highlight in slight decline, about 38.6 billion euros (57 billion dollars) for a barely positive net result. EADS hopes to match the current profitability of Boeing to 2015, but for the time being, its perspective to three years would be rather around 5 margin.
However, the American manufacturer is not at the end of his sentences with the 787. The postponement of the first deliveries will inevitably mean a shortfall on the fiscal year 2009, knowing that the objective of the 109 deliveries will not be held. Assuming that the first flight well take place towards the end of the second quarter of 2008 and that the test program revealed no serious problem, the manufacturer can probably deliver little more than a 60 devices next year. But, above all, Boeing will have to pay heavy penalties for delay to its first customers, regardless of what its leaders say. Knowing that a 787-800 210-250 seats would generate more than 110,000 dollars of sales per day, nine months of delay in delivery would amount to the client company to a commercial loss of approximately $ 30 million.
In its current state, 48 deliveries postponed from 2008 to 2009 would therefore represent a bill of nearly $ 1.5 billion for Boeing, to settle in cash or as a drawback, which will weigh on accounts from next year.
