Boeing earnings jump 58% in first quarter

Apr 25, 2012 |

New York

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Earnings at US aircraft giant Boeing surged a strong 58 percent in the first quarter, the company reported Wednesday, as it boosted its outlook for the whole year.

Net income rose to $923 million, up from $586 million a year earlier, while earnings per share hit $1.23, up from 79 cents.

Revenues rose 30 percent to $19.4 billion and the company said its backlog of orders hit $380 billion, including $42 billion in new orders that came in during the January-March 2012 period.

Earnings also got a boost from a reduction of the company's reserves for anticipated legal costs; that added 11 cents to earnings per share, Boeing said.

The company delivered 137 commercial aircraft in the quarter, compared to 104 a year ago.

"Strong core operating performance from our production programs and services businesses continues to drive expanded earnings, revenue and cash flow for Boeing," said chairman and chief executive Jim McNerney.

He called the outlook for the coming year 'positive' and Boeing boosted its profits forecast to $4.15-$4.35 a share, including the benefits from the drop in the litigation reserves.

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