Boeing 1st Quarter Profit Rises 20 Percent

By: Associated Press
By: Associated Press

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Wednesday, April 24, 2013

Boeing's net income rose 20 percent in the first quarter despite its troubles with the 787.

The big airplane maker earned $1.11 billion, or $1.44 per share. Its adjusted profit would have been $1.73 per share, well above analyst expectations.

Revenue fell 3 percent to $18.89 billion because Boeing delivered just one 787 before the plane was grounded in mid-January.

Boeing says it will still meet its financial and delivery targets this year. That includes delivering at least 60 787s. Production of the plane has continued, so once Boeing installs a redesigned battery system, it will be able to hand 787s over to customers relatively quickly.


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