Plane maker slumps on revenue outlook

PAUL J. RICHARDS/AFP/Getty Images/file

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Boeing Co. is building airplanes faster, but Wall Street wants it to build profits faster, too. Shares dropped after Boeing said this year’s profit and revenue would grow less than expected. The Chicago company’s defense business is slowing as governments cut spending. Boeing predicted 2014 revenue of $87.5 billion to $90.5 billion — at least $2 billion less than expected by analysts. Boeing finished 2013 with a fourth-quarter profit of $1.23 billion, or $1.61 per share, well ahead of expectations. Profits grew in both its commercial airplane and defense businesses. Revenue rose 7 percent to $23.79 billion.

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