Boeing Posts Upbeat Q1 Earnings, But Revenue Misses Views

reported better-than-expected earnings for the first quarter, but the company's revenue missed analysts' estimates. The Chicago, Illinois-based company posted a quarterly profit of $1.34 billion, or $1.87 per share, versus a year-ago profit of $965 million, or $1.28 per share. Its core operating earnings surged to $1.97 per share from $1.76 per share. Its revenue gained to $22.15 billion from $20.47 billion. However, analysts were estimating a profit of $1.81 per share on revenue of $22.49 billion. Its commercial airline revenue rose 21 percent to $15.38 billion, while deliveries climbed 14 percent to 184. Defense, Space & Security's revenue came in at $6.7 billion during the quarter, while Boeing Military Aircraft revenue was $2.7 billion. Network & Space Systems revenue came in at $1.7 billin in the first quarter, while Global Services & Support revenue was $2.2 billion. Operating cash flow was $0.1 billion in the quarter. During the first quarter, Boeing repurchased 17 million shares for $2.5 billion and paid $0.6 billion in dividends. At quarter-end, cash and investments in marketable securities totaled $9.6 billion, compared to $13.1 billion at the beginning of the year. At quarter-end, total company backlog totaled $495 billion, versus $502 billion at the beginning of the year. The average estimate among 42 Estimize users was for earnings of $1.95 per share and revenue of $22.85 billion. "With disciplined execution and a sharp focus on productivity, we are meeting increasing customer commitments while profitably growing our business," said Boeing Chairman and Chief Executive Officer Jim McNerney. "The strong operational and financial performance reinforces our ability to continue providing competitive returns for our shareholders while investing in technology and our people." The company projects FY adjusted earnings of $8.20 to $8.40 per share on revenue of $94.5 billion to $96.5 billion. Boeing shares fell 0.65 percent to $152.34 in pre-market trading.