7:18 AM
CHICAGO |
CHICAGO (Reuters) - Boeing Co's first-quarter profit rose 13 percent, topping Wall Street expectations, although revenue slipped 2 percent.
The world's largest aerospace and defense company said on Wednesday its first-quarter profit came to $586 million, or 78 cents per share, compared with $519 million, or 70 cents per share, a year earlier when the company took a 20 cents-per-share charge related to health care legislation.
Analysts on average expected Boeing to report a first-quarter profit of 70 cents per share, according to Thomson Reuters I/B/E/S.
Revenue slipped 2 percent to $14.9 billion.
Boeing, which competes with EADS unit Airbus, splits its business almost evenly between commercial airplanes and defense products.
Boeing Commercial Airplanes first-quarter revenue decreased by 5 percent to $7.1 billion on planned lower 777 deliveries.
Boeing repeated that first delivery for the long-delayed 787 Dreamliner was on track for the third quarter.
Boeing Defense, Space & Security's first-quarter revenue was $7.6 billion, in line with the year-ago quarter.
Its shares were up 55 cents at $76.10 in premarket trading.
(Reporting by Kyle Peterson; Editing by Derek Caney)
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