Boeing 1Q profit rises 20 percent (Posted on 4/24/13 at 7:30 am)
Up 3% in pre-market trading
quote: 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.