Despite the decline in first quarter income, Boeing beat estimates, earning 70 cents a share. Analysts surveyed by Thomson Reuters had estimated 64 cents. Revenue fell 8% to $15.2 billion, in line with estimates.
The results include a charge of 20 cents a share resulting from the new health care law. Airplane deliveries fell to 108 from 121 as the company made fewer 747 deliveries than it had planned and faced seat supplier challenges. Still, the operating margin at Boeing Commercial Aircraft increased by 9.1% due to stronger operating performance.
In early afternoon trading, Boeing stock was up $2.67 a share to $74.08.
-- Written by Ted Reed in Charlotte, N.C.