Boeing posts solid fourth-quarter profit

Boeing on Wednesday reported net profit of $1.4 billion for the fourth quarter, boosted by a strong rise in commercial aircraft sales. Net income in the final three months of 2011 rose to $1.4 billion, or $1.84 per share, the aerospace and defense giant said in a statement. Revenue of $19.6 billion included a 31 percent rise in the commercial aircraft division, to $10.7 billion, it said. "Strong fourth-quarter operating performance, record revenue and backlog, and expanded earnings and cash flow capped a year of substantial progress for Boeing in 2011," Jim McNerney, Boeing chairman, president, and chief executive, said in the statement. McNerney said Boeing has entered 2012 "with renewed momentum." "With a record backlog and intense focus on productivity, we are well positioned to deliver growth and increased competitiveness, even as we face constrained US defense spending and pension headwinds," he said.