Boeing profits grow 19% in the first quarter

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Boeing 787-9 Dreamliner

Boeing profits grew 19 per cent in the first quarter of 2017 with the Commercial Airplanes division posting strong growth.

The company made a profit of $1.4 billion compared to $1.2 billion in 2016 despite revenue falling seven per cent to $20.9 billion, which it says was due to the timing of commercial and defence aircraft deliveries.

Boeing chairman, president and chief executive officer, Dennis Muilenburg says: “With a sharp focus on performance and productivity, our team delivered another quarter of solid financial results, including year-over-year earnings growth and strong operating cash flow.”

“In turn, we continued to position Boeing for growth with investments in new products and services, innovation, and our people, while again demonstrating our commitment to return significant cash to our shareholders.”

Boeing Commercial Airplanes revenue dipped one per cent to $14.3 billion but earnings from operations were up 18 per cent to $1.2 billion.

Boeing completed the first 787-10 Dreamliner flight, the first 737 MAX 9 was rolled out and the 737 MAX 8 received Federal Aviation Administration certification.

It received 198 net orders during the quarter, and has a backlog of 5,700 aircraft valued at $417 billion.