Boeing improved operating profits in the first quarter despising falling revenues tied to the company’s shrinking defence business, the company announces on 26 April.
Earnings from operations in the first quarter rose 13% compared to the same period last year to $2.02 billion. Boeing’s overall revenues declined over the same period by 7%, falling to nearly $21 billion.
Net earnings climbed by 19% to $1.45 billion.
Dennis Muilenburg, Boeing chairman, president and chief executive, credits a “sharp focus on performance and productivity” for the divergence between revenue and profitability.
Free cash flow in the first quarter amounted to $1.63 billion, a $1.1 billion improvement from the same period last year.
Boeing’s cash position declined from 31 December, falling from $10 billion to $9.2 billion by 31 March. Total consolidated debt rose by 8% to $10.8 billion.
Boeing Commercial Airplanes delivered 169 aircraft in the first quarter, a 4% decline from the same period last year. The division’s revenues declined by 1% to $14.3 billion, as earnings from operations improved by 18% to $1.22 billion.
Source: Cirium Dashboard
