Boeing shares reached an all-time high as the 787 Dreamliner emerged from a decade of losses to help the company post rising profit and weather a turbulent market for wide-body jetliners.
The world’s largest planemaker is counting on the marquee carbon-fiber jet and higher output of its single-aisle 737, a workhorse with discount airlines, to bolster results this year. Boeing forecast higher cash and earnings on Wednesday, while predicting a sales decline as it makes fewer 777 wide-body aircraft.
Boeing Co. (BA) on Wednesday, Jan. 25, 2017, reported fourth-quarter net income of $1.63 billion.
Investors, focused on Boeing’s potential cash bounty, responded favorably. The stock was the top performer among the 30 members of the Dow Jones Industrial Average as the index climbed past 20,000 for the first time. The shares rose 3.3 percent to $165.79 at 10:20 a.m. in New York.
The quarter’s results also were a relief compared with last year, when the company caught investors off-guard with a forecast of fewer 737 deliveries. “We think this release is pretty boring — and boring is good,” Robert Stallard, an analyst with Vertical Research Partners, said in a report to clients.