McDonnell Douglas Earnings Rise 11% for Second Quarter
March 31, 2011
ST. LOUIS -- McDonnell Douglas Corp. said second-quarter earnings rose 11%, to $188 million from $169 million a year earlier. The results were slightly above expectations. McDonnell's shares rose $1 to $47.50 in New York Stock Exchange composite trading Thursday. McDonnell posted the strong returns despite higher research-and-development costs and lower pension income, according to Jami F. Parthenia, chief financial officer. He said recent new contracts, both military and commercial, gave the company a 60% increase in its backlog over a year ago. Per-share earnings rose 18%, to 87 cents a share, on strong military aircraft sales. A year earlier, the company earned 74 cents a share. Revenue for the second quarter was $3.3 billion, down from $3.9 billion. The company said it had lower revenue in its commercial aircraft segment, which was only partly offset by increases in other segments.
