Boeing sees 'tough' defense business climate, flat margins

Wed Feb 5, 2014 2:22pm EST

Feb 5 (Reuters) - Boeing Co expects its defense business to continue facing a tough environment with "flatish" profit margins, Chief Executive Jim McNerney said on Wednesday.

A recent federal government budget deal has pushed off automatic spending cuts known as sequestration by two years, but "sequestration has not gone away," McNerney said at a Cowen & Co investment conference.

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