Boeing reports 27 percent rise in first-quarter profits

Boeing Co.'s first-quarter profit soared 27 percent as it delivered 106 commercial airplanes, the most in five years, and cut costs, The Wall Street Journal reported on Thursday.

The Chicago aerospace giant on Wednesday said that the total order backlog at the quarter's end reached a record 262 billion dollars, up 23 percent in the past 12 months on "continued strength in commercial-airplane orders and additional defense orders."

Boeing has booked 544 orders for its 787 "Dreamliner," the fuel-efficient aircraft due to enter into service in May 2008. The 787 program is running on schedule, Boeing said.

Orders for other commercial aircraft remain strong, helped by the growth of airlines in Asia and the Middle East, said the company.

In the first quarter, Boeing earned 877 million dollars, or 1.13 dollar a share, up from 692 million dollars, or 88 cents a share, a year earlier. Revenue rose 8 percent to 15.4 billion dollars from 14.3 billion dollars.

Boeing generates about half of its business from commercial-jet sales, with the rest coming from government contracts, according to the report.

The aircraft-making business is expected to remain robust for several more years, as U.S. airlines, recovering from a five-year downturn, begin to replace aging fleets, the report said.

Source: Xinhua