Boeing posts 50% decline in Q1 profit

Boeing posts 50% decline in Q1 profit
AP
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First Published: Wed, Apr 22 2009. 05 15 PM IST
Updated: Wed, Apr 22 2009. 05 15 PM IST
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.
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First Published: Wed, Apr 22 2009. 05 15 PM IST
More Topics: Company Results | Boeing | Q1 | Recession | Planes |