Boeing Co. reported sharply higher earnings for the year, citing an extraordinary gain for much of the improvement.
For all of 1984, the aircraft maker said earnings from operations rose to $390 million from $355 million in 1983. But last year, a $397-million gain related to a change in tax law lifted 1984 net income to $787 million.
The tax-law change, affecting certain companies with export operations, forgives taxes on previously tax-deferred earnings of export units. Companies such as Boeing that had to set up reserves to pay for those potential tax liabilities from their export units were allowed to add those reserves to earnings.
Boeing's annual sales slipped to $10.4 billion from $11.1 billion.
Seattle-based Boeing said fourth-quarter profit climbed to $124 million, up 26% from the $98 million it reported a year earlier. Sales rose 22% to $3.33 billion from $2.73 billion.