Boeing Profits Soar During Third Quarter

The Boeing Co. said third-quarter earnings rose 22 percent, but warned Thursday that a walkout by Machinists union members will cut fourth-quarter profits.

The $225 million profit, worth 66 cents per share, compared with $185 million, or 54 cents per share, a year earlier. Sales totaled $4.4 billion, down from $5 billion.

The results exceeded analysts’ expectations by about 12 cents per share, but the warnings about the fourth quarter sent the company’s stock lower. Boeing finished down $1 at $66.25 on the New York Stock Exchange.

It was too early to say exactly how much effect the Machinists’ strike will have on Boeing’s fourth-quarter returns.

“Any time you have 33,000 workers go on strike it’s going to have an impact,” Boeing spokesman Paul Binder said.

Boeing Chairman Frank Shrontz said the strike would cause a substantial number of delayed deliveries and a corresponding drop in earnings.

Nine-month earnings were down 75 percent to $175 million, or 51 cents per share, from 1994’s $699 million, or $2.05 per share.