Boeing reports largest yearly revenue in history -- $101 billion

Jan. 30 (UPI) -- Aerospace giant Boeing on Wednesday announced its largest annual revenue in its history -- more than $100 billion, a figure that sent the U.S. stock market soaring.

Boeing reported its full yearly revenue for 2018 was $101.1 billion, a total surpassing every other year since it was founded in 1916.

The aircraft and aerospace company's fourth-quarter estimates beat most predicted estimates, causing its share price to increase to nearly $390 after Wednesday's opening bell. The report pushed the market up more than 6 percent in early trading.

Boeing noted an expected rise in sales, earnings and cash in 2019, stimulated by low interest rates and fleet sales, notably its workhorse 737 model, to Asian airlines.

The report mentioned "record operating profit of $4.2 billion, driven by higher volume" in 2018.

Each of Boeing's main business posted double-digit sales increases, and although its stock price has wavered in response to trade tensions between the United States and China, it retains a $490 million backlog of unfilled orders for commercial planes.

Boeing delivered 806 planes in 2018 as it dealt with parts shortages and out-of-sequence work on its factory floors. It suggests room for improvement in its manufacturing processes, as well as challenges for its suppliers. The company said it intends to increase output of its 737 model by 10 percent in 2019, and a production increase in its 787 Dreamliner model.