(MENAFN- Saudi Press Agency)
New York, Rajab 29, 1438, Apr 26, 2017, SPA -- Boeing Company on Wednesday reported a 19 percent rise in first-quarter profit despite declining revenue, and it raised its forecast for full-year profit.
The world's biggest airplane maker said its profit rose to $1.45 billion in the January-March quarter from $1.22 billion in the same period a year earlier. Revenue fell 7.3 percent to $20.98 billion. The profit figure beat Wall Street estimates, but the revenue figure missed expectations.
While Boeing increased its full-year forecast for core profit, it did not change its forecast of delivering between 760 and 765 commercial airplanes in 2017 and also left its revenue target unchanged at $90.5 billion to $92.5 billion.
The decline in first-quarter revenue came as commercial airplane deliveries fell to 169 from 176, and because last year's revenue figure included delivery of three C-17 military transport airplanes, a model Boeing has stopped manufacturing.
The profit increase despite declining revenue showed the effect of Boeing's cost-cutting and factory productivity improvements. The aerospace giant is improving its ability to make 787s, and the larger 787-9 model is more profitable than the earlier version.
--SPA
17:13 LOCAL TIME 14:13 GMT
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