Boeing Says Profit Beats Analyst Estimates
Boeing Co. said first-quarter profit “significantly” exceeded analysts’ estimates because of “good performance across its core businesses.”
The company was expected to have profit of 44 cents a share, the average estimate of analysts surveyed by Thomson First Call. A Boeing spokeswoman declined to elaborate. The Chicago-based company will report full results for the quarter Wednesday.
The company’s shares rose $1.42, or 3.5%, to $42.27 on the NYSE.
From Bloomberg News
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* Benefiting from a reorganization of its restaurant chain, IHOP Corp. posted an 83% increase in its first-quarter net income on a 2% drop in revenue. The Glendale-based company had net income of $10.9 million, or 50 cents a share, compared with $6 million, or 28 cents, a year earlier. Revenue for the latest quarter fell to $91.9 million, down from $94 million.
* California Pizza Kitchen Inc.’s first-quarter earnings were flat despite a 19% jump in revenue. The Los Angeles-based restaurant company posted net income of $4.02 million, or 21 cents a share, up slightly from $3.99 million, or 21 cents, a year earlier. Revenue rose to $98.6 million from $82.9 million a year earlier.
* Western Digital Corp. said fiscal third-quarter profit fell 12% as prices declined during a seasonally slow time. Net income dropped to $47.9 million, or 22 cents a share, from $54.5 million, or 26 cents, a year earlier, the Lake Forest-based company said. Sales rose 6.1% to $748.9 million.
