Boeing’s profit soars 58% in first quarter
Boeing Co.’s profit soared 58% in its first quarter as it built more efficient planes for airlines struggling with high fuel costs.
The Chicago company earned $923 million, or $1.22 a share, compared with $586 million, or 78 cents, during the same period a year earlier. Its revenue boomed 30% to $19.4 billion.
Boeing said it delivered 137 commercial planes during the quarter, and it has orders to build more than 4,000 others valued at a record $308 billion. The aircraft maker said it has more than 300 orders for its new fuel-efficient 737 Max jetliner.
Overall, the company’s commercial segment saw revenue increase 54% to $10.9 billion. Boeing’s defense division’s revenue grew 27% to $4.3 billion.
The earning announcement came before the start of trading Wednesday. Boeing’s stock rose $3.87, or 5.3%, to $77.08.
But some airline companies, which in a period of consolidation have raised airfares and meal and baggage fees while trimming services, reported losses in the first quarter.
US Airways Group Inc., which has been pushing for a potential merger with American Airlines, posted a loss of $22 million, or 13 cents a share, excluding special items, compared with a loss of $110 million, or 68 cents a year earlier.
Delta Air Lines Inc. said it lost $39 million, or 5 cents a share, excluding special items, compared with a loss of $320 million in the same quarter last year. Revenue was up 9% to $8.4 billion.
