Boeing wins $1.1 billion bonanza from GOP tax overhaul

Boeing, the planemaker behind one of the world’s most widely used single-aisle jets as well as the aircraft flown by U.S. presidents, received a $1.1 billion windfall from tax cuts approved late last year.

The gain was primarily due to a reduction in tax liabilities from previous years, which will be lower under the new top corporate rate of 21 percent than under the previous levy of 35 percent, the Chicago-based company said Wednesday. That helped boost net income 92 percent to $3.13 billion in the three months through December, building on delivery of a record 209 commercial jetliners, including the revamped and more fuel-efficient single-aisle 737.

The tax cuts will enable Boeing to spend $300 million in targeted areas including staff training and “workplace of the future” upgrades, CEO Dennis Muilenburg told reporters, with more investments to come.