Boeing 1Q earnings, revenue rise
Apr 25, 2012, 4:40 AM | Updated: 6:08 am
Boeing Co. says its first-quarter earnings jumped 58 percent on higher revenue from sales of commercial airplanes, helping it overcome slow growth in its defense business. (AP Photo/file)
(AP Photo/file)
Boeing Co. says its first-quarter earnings jumped 58 percent on higher revenue from sales of commercial airplanes, helping it overcome slow growth in its defense business.
Boeing made over $19 billion in the
first quarter of 2012. That’s up 30 percent from last year.
Boeing said Wednesday that it earned $923 million, or $1.22 per share, compared with $586 million, or 78 cents per share, a year ago. It topped the forecast of analysts, who expected 96 cents per share, according to FactSet.
The gains were driven by strength in sales of commercial airplanes. Many airlines are updating their fleets and ordering more fuel-efficient planes to cope with higher jet fuel prices.
Boeing delivered 137 commercial airplanes in the last three months. That’s 33 more than the first quarter last year.
Boeing now has a record backlog of $380 billion with more than 4,000 commercial airplanes on order.
Revenue from commercial planes jumped 54 percent, to $10.94 billion, while revenue from defense and space work grew just 8 percent, to $8.23 billion, reflecting tighter government budgets.
The company still expects to deliver up to 600 commercial jets this year and make between $78 billion to 80 billion.
The Associated Press contributed to this report.
