Boeing also lowered its fiscal 2009 earnings guidance to $5.05-5.35 per share compared to its previous guidance of $6.80-7.00 per share. The First Call 2009 earnings consensus estimate is $5.68 per share. Boeing also sees 2009 revenue totaling $68-69 billion, compared to the 2009 First Call revenue estimate of $68.55 billion.

In Q4, revenue totaled $12.68 billion compared to a First Call Q4 revenue estimate of $13.4 billion.

For 2008, Boeing earned $3.75 compared to a First Call 2008 earnings consensus estimate of $4.59. Also, 2008 revenue totaled $50.2 billion compared to a First Call 2008 revenue estimate of $61.74 billion.

Boeing's shares were virtually unchanged on the news, rising 10 cents to $43.30 in Wednesday afternoon trading.

Further, Boeing also announced it would cut 10,000 jobs, or about 6% of its workforce in 2009, due to weakening global economic conditions. However, the above figure includes Boeing's previously-announced, 4,500-position cut, so Wednesday's announcement amounts to a loss of an additional 5,500 jobs, Bloomberg News reported Wednesday.

Also, Boeing said airlines in Q4 canceled 15 orders for its next-generation airplane, the 787 Dreamliner, marketwatch.com reported. However, 93 new orders for the 787 were booked in Q4, resulting in a net Q4 787 order gain of 78 planes. The 787's order backlog now totals 895 planes. The 787 has encountered five delays and is now about two years behind schedule, with a first-delivery expected in early 2010.

Further, Boeing also delivered 50 airplanes during Q4, 70 fewer than forecast. The company's order backlog for all airplanes increased by 44 in Q4 and by 669 in 2008, with the the aerospace company's backlog value increasing 9% to a record $279 billion.

Stock Analysis: The machinists' strike that idled Boeing's plants for about two month clearly hurt the company's 2008 results -- a negative data point Boeing did not need, given its many announced delays for its signature, next-generation product, the 787. Further, with the U.S. and global economies in recession, look for selected airlines to cancel or defer plane orders -- something that will weigh on Boeing's 2009 results.


Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.