McDonnell Douglas Corp. said first-quarter net income...
From Times Wire Services
McDonnell Douglas Corp. said first-quarter net income rose 19% as it increased production of F-15 fighter planes and continued to cut costs in the C-17 military transport program.
Net income rose to $159 million, or $1.38 a share, from $134 million, or $1.13, in the year-earlier period. Higher per-share amounts reflect the purchase of 4 million shares since an 18-million-share buyback program was announced in October.
Revenue at the maker of the F/A-18 Hornet fighter and MD-90 twin jet rose 13%, to $3.33 billion from $2.95 billion.
The results exceeded Wall Street’s expectations that McDonnell Douglas would earn $1.26 a share, the mean estimate of eight analysts surveyed by Zacks Investment Research.
