Boeing Earnings Show Sharp Increase

Boeing Co. had good financial news for a change, announcing that its profits rebounded to $469 million during the first quarter after a year and a half of dismal performance from its commercial aircraft division.

The results announced Thursday were well above financial analysts’ estimates and boosted Boeing’s share price by nearly 10 percent.

For the quarter ended March 31, Boeing had per-share earnings of 50 cents, compared with profits of just $50 million, or 5 cents per share a year ago, when the company was beset with massive production problems and aircraft delays, and took a $219 million loss on its new-generation 737 jetliner program.

In other reports:

Itron Inc. reported improved earnings based on lower expenses and an exchange of convertible debt that produced a $5.6 million pre-tax gain.

Net income at the maker of automated meter-reading equipment was $3.4 million, or 22 cents per share, for the quarter ended March 31.

Besides the gain on debt conversion, the results include a $1.1 million restructuring charge.

United Security Bancorporation’s first-quarter earnings matched year-ago performance while exceeding analyst estimates, the Spokane holding company reported Thursday.

Net income for the period ended March 31 was $2.1 million, or 30 cents per share. The figures are almost identical with those registered last year, when a property sale boosted pre-tax profit by $366,000.

Analysts expected company earnings in the mid-20-cent range.

The results reflect 10 percent stock splits in February of 1998 and 1999, and the effects of mergers with Grant National Bank and Bank of the West.

Assets have increased to $495 million and loans are up 13 percent over year-ago levels.

Return on average equity was 15.27 percent for the quarter. Return on average assets was 1.69 percent.

Emery also announced that United Security Bank, one of the holding company’s subsidiaries, will take over the bank space in the University City Rosauer’s Market. He said expansions into other supermarket locations are planned.

Potlatch Corp. reported lower first quarter earnings Thursday, largely due to poor market conditions for pulp products, officials said.

Earnings for the Spokane-based company were $600,000, or 2 cents per diluted common share, compared with net earnings of $10.7 million for the same quarter in 1998.

Included in the results was a one-time charge of $4.6 million for expenses related to the termination of efforts to form a timber real estate investment trust with Anderson-Tully Co. Last month, the two companies said they would terminate an agreement to combine timberlands into a timber REIT.

First quarter net sales were $416.4 million, up nearly $14 million from the same period last year.