McDonnell Earnings Stronger: Surprising some on Wall...
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McDonnell Earnings Stronger: Surprising some on Wall Street, the aerospace company reported that it earned $170 million in the second quarter.
St. Louis-based McDonnell Douglas’ earnings represent $4.33 a share in the quarter. That’s up from 29 cents a share, or $11 million, from the year-earlier period.
Revenue fell 20% to $3.82 billion, from $4.80 billion.
McDonnell said the second-quarter net income was boosted by $57 million worth of unusual gains. Part of the windfall was from a settlement with the Internal Revenue Service.
But much of the increase was a partial reversal of the onetime charge taken in last year’s first quarter to comply with new accounting rules.
Without unusual gains in the latest quarter, the company would have earned $113 million, or $2.87 a share.
McDonnell Douglas stock rose $3.25 to $75.25 a share on the New York Stock Exchange.
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