Boeing Profit Tops Estimates as Margins Improve

Boeing Co. posted first-quarter profit that beat analysts’ estimates as higher operating margins for commercial planes helped compensate for a drop in jet deliveries and the loss of a health-care tax benefit.

Net income fell 15 percent to $519 million, or 70 cents a share, from $610 million, or 86 cents, a year earlier, Chicago- based Boeing said in a statement today. The average estimate of 20 analysts surveyed by Bloomberg was 64 cents. Sales fell 7.8 percent to $15.2 billion.

The company’s operating margin rose 1.5 percentage points to 7.7 percent from the year-earlier quarter, which was hurt by a charge on the 747 airliner program. Profit still may double this year amid “tangible improvement” in the air-travel outlook, Chief Executive Officer Jim McNerney said today.

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- Posted: 2010-04-21 13:23:54

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