The Boeing Company has reported first-quarter net income of $0.6 billion ($0.78 per share) on revenue of $14.9 billion and reaffirmed its 2011 revenue, earnings per share and operating cash flow outlook.
"We're off to a good start in an important year for our company," said Jim McNerney, Boeing chairman, president and chief executive officer. "We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing, and scored a major win on the US Air Force Tanker program.
“Our outlook remains positive, and our people are focused on meeting customer commitments, driving productivity and competitiveness gains, and capturing growth opportunities in our Commercial Airplanes and Defense, Space & Security businesses."
Flight testing on the 787 program continued during the quarter, surpassing 3,500 hours on 1,250 flights. First delivery is expected in the third quarter of 2011. Total firm orders for the 787 at quarter-end were 835 airplanes from 56 customers.
The 747-8 program flight test also progressed during the quarter, surpassing 2,500 hours on 900 flights. The first flight of the 747-8 Intercontinental was achieved in March and delivery of the first 747-8 Freighter is planned for mid-2011.
