Updated from 8:49 a.m. EDTBoeing ( BA) reported Wednesday that first-quarter earnings fell by 47%, cutting its 2009 guidance and saying more airlines are negotiating aircraft deferrals. None of that seemed to trouble investors, who apparently had lower expectations. Shortly after midday, Boeing shares were trading up 1.8% to $37.42. On an earnings conference call, CEO Jim McNerney said the company has already accommodated 60 deferrals of 2010 and 2011 deliveries, and "we are in the process of working on more deferrals beyond that." He said the additional pending deferrals exceeded 60, but declined to be more specific. However, despite the deferrals and an earlier announcement that it will slow 777 production, Boeing has no plans to slow 737 production. McNerney said that when demand was high, Airbus ramped up narrowbody production, but Boeing did not, "anticipating that someday there may be a softening." CFO James Bell added that "oversolds we have on the 737, principally in 2011, give us reasonable confidence that we'll get through the year without a (production) rate adjustment." Although the company reduced its 2009 guidance, analysts had already reduced forecasts by even more. Boeing lowered its full-year earnings guidance to between $4.70 and $5 a share, primarily due to the expectations that it won't have as much pricing power. The company had forecast $5.05 to $5.35 a share. However, analysts were already estimating $4.57, with a range of $4.20 to $5.01. For the quarter, the company earned $610 million, or 86 cents a share. Analysts surveyed by Thomson Reuters had estimated 91 cents. Revenue rose 3% to $16.5 billion, but was about $200 million below expectations. In the same period a year earlier, Boeing earned $1.2 billion, or $1.62 a share.