Analyst cuts Boeing's 2010 outlook

Boeing Co., the world's second- largest maker of commercial aircraft, may see deliveries of its 737 and 777 models decline in 2010 as a result of the global financial crisis, hurting profit, an analyst at Cowen & Co. said.

Analyst Cai von Rumohr trimmed his estimate for 2010 profit by 4.6 percent to $6.20 a share on concerns shipments of the two Boeing programs will slow. His projection is 23 cents less than the average analysts' estimate.

The "2009-10 consensus look ambitious," wrote Boston-based von Rumohr in a note today. "Delivery of Boeing's two profit makers, the 737 and 777, are more likely to decline in 2010 as a result of the global recession and this could impact profit accrual rates in 2009."

Von Rumohr projects 2009 profit of $5.90 a share, below the $6.27 average estimate of analysts surveyed by Bloomberg.

The analyst lifted his projection for this year by 5 cents, to $4.45, as the company settled a contract dispute to end a two- month strike by its machinists and reached a tentative four-year deal with engineers. Analysts estimate 2008 earnings of $4.64.

Boeing, based in Chicago, fell $2.18, or 5.3 percent, to $39 at 11:53 a.m. in New York Stock Exchange composite trading. It has lost 55 percent this year. Airbus SAS is the world's largest commercial planemaker.