Boeing Commercial Airplanes reports record $1.21 billion Q1 earnings

25 Apr 2008

Boeing reaffirmed announcements made earlier in the year, that it would remain unaffected by recent 787 Dreamliner-related troubles, and reported record Q1 earnings of $1.21 billion. This marked an increase of 38%, from $877 million, which it had reported for the year-ago period.

The earnings were realised from a 4% increase in sales, which was up at $15.99 billion.

Despite embarrassments related to the 787 programme, for which it reported further delays, Boeing chairman, president and CEO, Jim McNerney, said the company was "off to a good start" in what he expects to be "another strong year."

Total order backlog value for the company, as of 31 March, stood at a record high of $346 billion - up 32% year-over-year. Growth drivers were commercial airplanes, and the multi-year orders for the V-22 Osprey tilt rotor aircraft.

Boeing Commercial Airplanes' Q1 revenue was up 8% to $8.2 billion, while operating earnings grew 39% to $983 million. The company said the strong numbers were a result of higher delivery volumes and services sales as well as lower R&D spending.

It delivered 115 commercial aircraft during the quarter, up 8% over the previous quarter. The deliveries  included its 1,400th 747 and its 700th 777.

It received 289 gross orders during the period taking the value of all orders to a record $271 billion.

Boeing said it expects to deliver between 475-480 commercial aircraft this year, with revenues of $34.5-$35 billion.