Boeing today posted a first-quarter profit, reversing a loss in the same period a year ago, boosted by strong military sales and interest on a federal tax refund, and raised its sales and earnings forecasts.
The world's largest commercial jetmaker earned $623 million in the quarter, or 77 cents per share, compared with a loss of $478 million, or 60 cents per share, in the first quarter of 2003.
Chicago-based Boeing boosted its 2005 revenue forecast by $2 billion, to between $57 billion and $59 billion. It raised its 2004 earnings forecast by 30 cents per share and increased its 2005 profit forecast by 25 cents per share, citing rising commercial jet deliveries and unexpectedly low pension expenses.
Boeing last week said it would "significantly exceed" Wall Street forecasts for the first quarter, and the results beat the 43 cents per share consensus estimate of analysts polled by Reuters Research.
First-quarter revenue rose to $13 billion from $12.3 billion a year ago, with military gains offsetting a decline in commercial jet revenue.