Boeing misses delivery target on 787s
SEATTLE
Boeing missed its aircraft delivery target in 2011 after shipping fewer 787 Dreamliners and 747-8 jumbo jets to customers than planned, while larger rival Airbus SAS topped its own higher goal.
The handover of three 787s and nine 747-8s by Dec. 31 was short of Boeing's October goal of delivering a combined 15 to 20 because “we just couldn't get all the work done on those airplanes to get them out the door by the end of the year,” Randy Tinseth, commercial-jet marketing chief, said in an interview Thursday.
The deficit meant that Boeing delivered 477 commercial jets, short of an October projection for 480 that itself had been lowered from an earlier forecast. In contrast, Airbus beat its target and released more than 530 planes to customers, said two people familiar with the figures, who asked not to be identified since an official announcement is slated for Jan. 17.
Chrysler to add jobs at Detroit factories
DETROIT
Chrysler says it will add 1,250 jobs at two Detroit factories next year.
The company plans to add 1,100 people at the Jefferson North factory that assembles the Jeep Grand Cherokee to help build a diesel model for North America next year. The plant will get a third shift of workers.
Chrysler also will add 150 jobs by reopening the Conner Avenue factory to make a Street Racing Team version of the Dodge Viper muscle car.
Target cuts outlook
NEW YORK
Target lowered its earnings expectations Thursday following a disappointing December, with consumers waiting until the last minute to shop as well as weak sales of electronics.
Wal-Mart Stores, Inc. has also come on strong, forcing prices lower at the expense of competitors.
Revenue at stores open at least a year rose 1.6 percent. That missed analyst expectations for a 3.1 percent increase, according to Thomson Reuters. Target's stock fell 3.4 percent, or $1.70, to $48.30 in afternoon trading.
Strong grocery and beauty product sales offset weakness in electronics, movies, books and music, the company said.
IRS contacts millionaires for extra taxes
WASHINGTON
The Internal Revenue Service says it sought extra tax payments last year from 1 in 8 people earning more than $1 million annually.
That is far more than the 1 in 100 people earning under $200,000 who heard from the IRS.
In an annual report, the IRS says its efforts to collect all taxes owed netted $55 billion.
But that is nearly $3 billion less than in 2010, a drop the agency blames on a falloff in estate taxes and on corporations writing off their losses.
From wire reports
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