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<< Previous   of   Next >>   ADVERTISEMENT   Related Stories • Boeing launches work on 777 cargo jet 1/30/08 • Aerospace training: Spend $3 million? 1/30/08 • Boeing will co-develop new bomber 1/26/08 • SPEEA hires new director 1/23/08 • Boeing logs order for eight 787-8s 1/23/08   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Wednesday, January 30, 2008 Boeing revenue up 8 percent in 2007 Herald staff EVERETT – The Boeing Co.’s stock surged Wednesday morning as the company reported an 8 percent increase in revenue in 2007 over the previous year. Boeing’s net income jumped to $4.1 billion on increased commercial jet deliveries while its revenue increased 8 percent over 2006 to $66.4 billion. The company’s backlog of unfilled orders – in the defense and commercial divisions – continues to increase, reaching $327 billion at the end of last year. The $255 billion in unfilled commercial jet orders will keep Boeing’s workers in Everett busy for several years. Boeing stock traded up almost $3 early Wednesday morning. Despite Boeing’s impressive 2007 results, company chief executive Jim McNerney acknowledged the jet maker struggled as well last year. “We faced some tough business challenges – most notably in advancing our 787 into the flight test program,” McNerney said. Earlier this month, Boeing announced its third major delay in delivering its new, fuel-efficient 787 Dreamliner. The company had anticipated delivering the first Dreamliner this year but has since pushed that back to 2009. Boeing officials remained relatively mum on the revised 787 schedule. Boeing is expected to provide more details on its 787 in its first quarter 2008 earnings update in April. “We believe in both the business case and the technology of the 787,” McNerney said. Still, chief financial officer James Bell noted that Boeing’s main goal for 2008, and for years in the future, will be executing on its record backlog, including delivering the mostly carbon fiber composite 787 jet. Boeing has 857 orders for the Dreamliner. Both Bell and McNerney expect to see the commercial jet order cycle continue into 2008 but perhaps not at the company’s record 1,413 net orders taken in 2007. Because of the 787 delay, Boeing expects to deliver between 475 and 480 jets in 2008, down five from its original projections. The company also revised its 2008 revenue to between $67 billion and $68 billion, down $500 million because of the 787 setback.

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