March 10, 2014 / 7:07 PM / 4 years ago

Boeing says defense budget as expected, but sequestration risk ahead

NEW YORK, March 10 (Reuters) - Boeing Co Chief Operating Officer Dennis Muilenburg said the U.S. defense budget released last week was “about what we expected” but noted that the industry still faces the full effects of budget sequestration in years ahead.

Boeing continues to invest in improving the capability of the F/A-18 Super Hornet fighter jet and EA-18 Growler and sees international and domestic interest in the jets, Muilenburg said at an investor conference in New York organized by JPMorgan. The Pentagon budget did not include new funding for the planes.

Boeing expects to book about 20 percent of its annual revenue in the first quarter, and sees strong revenue and cash performance in years ahead, Muilenburg added.

About 80 percent of Boeing’s employees are slated for its defined-contribution retirement plan by 2016, he said.

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