Boeing increases profits, backlog

Published 9:00 pm Tuesday, April 24, 2007

Boeing Commercial Airplanes had an impressive first quarter, increasing revenues 7 percent to $7.6 billion. The plane maker upped its jet deliveries over the first quarter of 2006 by 8 percent to 106 deliveries. And the division continued to add to its record backlog, bringing it to $188 billion. The aircraft-building arm of Boeing has seen its backlog grow 42 percent in the last year to more than six times its 2006 revenues.

For the company as a whole, the Boeing Co.’s first quarter earnings jumped 27 percent to $877 million. Revenue grew 8 percent to $1.5 billion. The Chicago-based company also increased its backlog to $262 billion.

“Our record backlog, increasing productivity, and the progress of our development programs have us on track to reach our growth and profitabilty objectives,” said Jim McNerney, Boeing’s CEO, in a prepared statement.

Boeing Commercial Airplanes expects to deliver 440 to 445 jets this year and post revenues of $32.5 billion to $33 billion. In 2008, deliveries will rise to 515 to 520 jets with revenues of up to $40 billion.