Ravell Call, Deseret News
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. Excluding pension contributions, Boeing would have earned $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 because of problems with its batteries.
Boeing said on Wednesday that 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.
The company delivered 137 planes during the quarter, because faster production of 737s and 777s offset the lack of 787 deliveries.
The quarter didn't include any special charges for the 787 or for the automatic government spending cuts that took effect last month.
Profit rose in Boeing's defense and commercial airplane units, even though revenue fell in both.
The 787 was grounded in mid-January after batteries smoldered on two planes, including a fire on one. Boeing has gotten clearance from the Federal Aviation Administration for a redesigned battery system that the company says should sharply reduce the risk of a fire. Once the FAA approves the fix on individual planes, airlines can start using them again.
- The average Joe only works 4.5 hours a day....
- Greek villagers' secret weapon: Grow your own...
- Government faces burden in proving airlines...
- China to create $19B fund to support plunging...
- Glen Campbell movie sets standard for CNN film
- North Salt Lake homeowners deny allegations...
- State liquor stores using price tags to warn...
- Dave Ramsey says: 3 traps to avoid after...
- Michelle Singletary: A woman's place is... 10
- The president wants to extend overtime... 9
- State liquor stores using price tags to... 5
- North Salt Lake homeowners deny... 4
- First lady: Career, technical studies... 3
- Beware of rental scams involving... 2
- The average Joe only works 4.5 hours a... 2
- Coal industry scores a win but fate of... 1