Boeing Shrugs Off Dreamliner Woes With 20% Q1 Profit

Boeing reported a 20 per cent rise in first quarter profits after ramping up production of its B737 and B777 aircraft.

Although year-on-year revenues were down three per cent to $18,893 million, the net income spike provided some respite for the company after the much-publicised grounding of its Dreamliners, which are due to return to service shortly.

Boeing chairman, president and CEO Jim McNerney, said its first priority in the days ahead is to fully restore B787 fleets to service and resume deliveries.

He said its 2013 outlook is “positive” and it will continue to ramp up commercial airplane production rates.

Commercial Airplanes booked 209 net orders during the quarter and the company’s backlog stands at 4,400 airplanes valued at $324 billion.