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Boeing space earnings slide in 2000
Posted: Thu, Jan 18, 2001, 12:18 AM ET (0518 GMT)
Profits from the space-related division of aerospace giant Boeing fell in 2000 compared to the year before, company officials announced Wednesday. Boeing's Space and Communications business unit recorded earnings of $260 million in 2000, down nearly 20% from the $320 million reported for 1999. This came in spite of increased revenues for the unit: $8 billion in 2000 compared to $6.8 billion the year before. The company said continued research and development programs as well as "program mix" contributed to the decline in operating margins and earnings. The earnings exclude over $500 million in one-time expenses, including the acquisition of the Hughes Space and Communications and a $74 million test launch of a Delta 3 last year. Overall, the company reported a 12% decrease in revenues last year to $51 billion, mostly due to fewer commercial aircraft orders, but still managed a 14% increase in earnings to $2.5 billion. The stock traded lower by about 4% on the New York Stock Exchange Wednesday.
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