Boeing Co. said Wednesday that its first-quarter profit rose to $586 million, enough to beat Wall Street's expectations. And the big airplane maker and defense contractor reaffirmed its profit and revenue guidance for the full year.
Boeing earned 78 cents per share. Analysts surveyed by FactSet had been expecting a profit of 70 cents per share.
The profit rose from a year-earlier $519 million, or 70 cents per share, which was reduced by a one-time charge of 20 cents per share. Operating profits fell by 15 percent.
Revenue was down 2 percent to $14.91 billion. That was below the analyst expectation of $15.27 billion.
Earnings from operations in the commercial airplane unit dropped 25 percent to $509 million. Revenue fell 5 percent to $7.12 billion as Boeing delivered fewer 777s than a year earlier. Later this year Boeing plans to raise 777 production to 7 per month, from 5 per month now.
Defense revenue was flat at $7.62 billion. Earnings from operations rose 1 percent to $671 million, mostly from a jump in profits from military planes.
Boeing said its profit and revenue expectations for the full year are unchanged, with a profit of $3.80 to $4 per share and revenue of $68 billion to $71 billion. It still expects to deliver the new 787 during the third quarter and the freighter version of its new 747-8 in mid-2011.
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