(MENAFN) Boeing chairman and CEO, Jim McNerney, announced that the company's fourth-quarter net earnings declined to USD978 million from USD1.39 billion in 2011's same period, reported Gulf News.
McNerney attributed the drop to higher tax costs, however, net earnings before tax rose 6.3 percent to USD1.54 billion.
Moreover, the aerospace giant's sales grew 16.7 percent, reaching USD19.79 billion.
As for the full year, the firm's net earnings fell to USD3.9 billion, compared with USD4 billion recorded in 2011.
It is worth noting that Boeing is focused on fixing the battery issue that led to a worldwide grounding of the 787 Dreamliner, the company's newest plane.
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