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Wednesday, April 24, 2013

Boeing's First Quarter Commercial Aircraft Profit Up From 2012

By Woodrow Bellamy III

Despite ongoing struggles with its 787 Dreamliner, Boeing reported a 13 percent increase in commercial aircraft profits in the first quarter.
The airframe manufacturer tallied a $1.2 billion profit; the company delivered 137 commercial airplanes in the first three months of the year, and booked 209 net orders. The backlog for the commercial airplane unit is more than 4,400 with a value of $324 billion. 
Despite a first quarter revenue decrease to $10.7 billion, down from $10.9 billion the previous year, Boeing Commercial Airplanes' operating margin improved to 11.4 percent. 
Boeing CEO Jim McNerney said the company's main focus moving forward is returning its grounded 787 to commercial service. 
"Our first priority in the days ahead is to fully restore our customers' 787 fleets to service and resume production deliveries. Our outlook for the year is positive, and our financial and delivery guidance is reaffirmed as we remain focused on the profitable ramp up in commercial airplane production rates," McNerney said. 

FAA approved Boeing's redesigned 787 lithium-ion battery system last week, and the company has begun sending out teams of engineers to help install the new systems on its customers' grounded fleets worldwide. 

Related: Boeing 787 Battery Redesign Approved by FAA

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