Boeing beats on earnings report, vows to deliver more planes in 2017

Plane-maker Boeing released its financial results for the final quarter of 2016 on Wednesday before US markets opened, beating analysts' expectations on earnings per share and pledging to deliver more planes in the year ahead.

In the earnings report, Boeing said it was targeting the delivery of between 760 and 765 planes in 2017, having delivered 748 in 2016.

Net income in the fourth quarter was $1.63bn, an increase of 59% from the same period last year, and equalling $2.47 per share excluding certain items.

Wall Street analysts had expected the Chicago-based company to pick up profits of $2.34 per share.

Revenue of $23.29bn also beat analysts' estimates, but was down 1% from the corresponding period in 2015.

The company expressed caution for the year ahead, however, citing concerns about both its commercial and defence operations. Revenue forecast for 2017 was between $90.5bn and $92.5bn, below estimates of $92.96bn.

"Looking forward, our team is intent on accelerating productivity and program execution to deliver increasing cash and profitability from our large and diverse order backlog of nearly $500 billion, standing up our new integrated services business, and capturing an even greater share of the the growing global aerospace market to deliver superior value to our customers, shareholders and employees," said Boeing chief executive officer and chairman Dennis Muilenburg.