Investing.com - Global aircraft manufacturer Boeing Company (N:BA) reported better than expected fourth quarter earnings ahead of Wednesday’s opening bell, but provided weak 2016 guidance, sending its shares lower in pre-market trade.
Boeing said core earnings per share came in at $1.60 in the three months ended December 31, above expectations for core earnings per share of $1.27, reflecting strong performance across the company. GAAP earnings per share was $1.51.
The company’s fourth quarter revenue totaled $23.57 billion, just below forecasts for revenue of $23.60 billion.
Core earnings per share guidance for 2016 is set at between $8.15 and $8.35, while GAAP earnings per share is established at between $8.45 and $8.65. Revenue guidance is between $93 and $95 billion, including commercial deliveries of between 740 and 745. Operating cash flow is expected to be approximately $10 billion.
Following the release of the report, shares in Boeing dropped $5.62, or 4.39%, in pre-market trade to $122.40 from Tuesday's closing price of $128.02.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures fell 49 points, or 0.31%, the S&P 500 futures shed 9 points, or 0.47%, while the Nasdaq 100 futures dropped 33 points, or 0.79%.