Chicago: Aerospace giant Boeing Co. says its first-quarter profit fell 50%, partly because of planned production cuts as airlines postpone deliveries of new planes. It also lowered its outlook for the year.
Chicago-based Boeing says it earned $610 million, or 86 cents per share. That’s down from $1.21 billion, or $1.62 per share, during the year-earlier period.
Revenue edged up 3% to $16.50 billion.
Orders for Boeing’s jetliners have plunged this year as fewer people fly and air cargo volumes shrink amid the global recession.