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Boeing's white collar workers to receive 15 days bonus pay

Incentive payment is for strong 2012 results

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Michelle Dunlop
Herald Writer
Published: Wednesday, January 30, 2013, 11:28 a.m.
Thousands of Boeing Co. workers will receive as much as 14.75 to 16 days of extra pay as reward for the company's strong 2012 performance.
The incentive payouts "reflect our team's progress toward helping our customers — and the company — succeed,'" Boeing CEO Jim McNerney, said in a statement Wednesday as the company reported results for 2012.
The aerospace company reported on Wednesdaythan analysts had expected.
Boeing earned $978 million in the last quarter, or $1.28 per share. That was down 30 percent from a profit of $1.39 billion a year earlier, which included a big tax benefit of 52 cents per share. But profit topped the $1.19 per share expected by analysts who had been surveyed by FactSet. For 2012, Boeing reported earnings per share of $5.88, up from $5.72 in 2011.
McNerney described the incentive payout as a "big 'thank you' for a job well done."
Altogether, 107,000 workers across Boeing will receive the extra days of pay from the company's employee incentive plan. Eligible employees include the company's 23,000 engineers and technical workers who are members of the Society of Professional Engineering Employees in Aerospace. The payout will be included in employees' Feb. 28 paycheck, Boeing said.
The number of days of pay for employees is determined by how well each of the different divisions within Boeing performed in 2012.
Commercial Airplanes employees, who helped Boeing deliver 601 airplanes last year, will receive up to 14.75 days. Defense and Space workers will receive 16 days, as do corporate and Boeing Capital workers.
The incentive payout for 2011, announced last January, was 15 to 16 days of pay.
Members of Boeing's other major union, the International Association of Machinists and Aerospace Workers, are enrolled in a different incentive plan, as are workers at Boeing's North Charleston, S.C., site. They'll receive updates about incentives separately, Boeing said.
In 2013, Boeing employees can help the company continue "to meet our promises to our customers," McNerney said.
The company predicts earnings per share for 2013 of between $6.10 and $6.30. It plans to deliver 635 to 645 airplanes, including at least 60 787s, which remain grounded by federal officials. Boeing officials said Wednesday that they see no significant financial impact from the 787 problem for 2013.
The Associated Press contributed to this report.
Herald reporter Michelle Dunlop: 425-339-3454.
Story tags » Employees

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