CHICAGO, April 25: Boeing Co. said on Wednesday its first-quarter profits lifted 28 per cent from a year ago to $877 million and that future results will be helped by strong demand for its “Dreamliner” airplane.
The US aviation giant reaffirmed plans to launch its latest passenger plane, the 787 Dreamliner, in just over a year despite some “risks” attached to the schedule for top-selling project.
The profit for the January-March quarter amounted to $1.13 per share, well ahead of the average Wall Street forecast of $1.02. Revenues meanwhile grew eight percent from the comparable period a year before to $15.4 billion.
The company reaffirmed its financial outlook for 2007 and 2008, citing strength in its core businesses and a record backlog for new orders.
“These results are in line with our expectations for the quarter and represent solid progress toward the high goals we have for ourselves in 2007 and beyond,” said Boeing chairman and chief executive Jim McNerney.
“Our record backlog, increasing productivity, and the progress of our development programmes have put us on track to achieve our growth and profitability objectives.” Boeing said its backlog at quarter-end reached a record $262 billion, up 23 per cent in the past 12 months on strength of the 787 and additional defence orders.
Boeing said its Commercial Airplanes division accounted for an operating profit of $706 million as revenues rose seven percent to $7.6 billion.
The company booked 189 aircraft orders during the quarter, leaving its order book with a backlog of $188 billion.
The 787 programme now has 544 firm orders to date from 44 customers, “the most ever achieved by a commercial jet programme within three years of programme launch,” according to Boeing.
Boeing said final assembly of the first aircraft will start in this quarter and the programme is on schedule for a rollout in July and test flight in August.
The first entry into service remains set for May 2008.
“While risks inherent in the latter stages of major airplane development programmes remain for the 787, Boeing continues to expect the 787 will be delivered on time and in accord with its contractual obligations,” the company said.—AFP
