Boeing Gets Refund From Partial Settlement
From Dow Jones/Associated Press
Boeing Co. said it received a federal income tax refund and related interest from the Internal Revenue Service of about $1.1 billion.
According to a filing with the Securities and Exchange Commission, the refund and interest are related to a partial settlement of tax years 1992 to 1997 with the IRS and will further strengthen the Chicago jet builder’s cash balances.
Boeing estimated that the partial settlement would increase fourth-quarter net income by about $700 million, or 87 cents a share, and increase fourth-quarter operating cash flow by about $1.1 billion.
Boeing shares fell 63 cents, or 2%, to $38.26 on the NYSE.
