Aviation manufacturing giant has confirmed profits increased 13 per cent to $586 million for the first quarter of 2011, despite a slight slip in revenue.

Revenue stood at $14.9 billion for the period, down from $15.2 billion in 2010.

Operating margins also slipped from 7.7 per cent to 6.7 per cent.

Boeing reported first-quarter net income of $0.6 billion, or $0.78 per share,

Releasing the result, the company also reaffirmed its 2011 revenue, earnings per share and operating cash flow outlook.

“We are off to a good start in an important year for our company,” said Jim McNerney, Boeing chairman, president and chief executive officer. 

“We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing, and scored a major win on the US Air Force Tanker program. 

“Our outlook remains positive, and our people are focused on meeting customer commitments, driving productivity and competitiveness gains, and capturing growth opportunities in our commercial airplanes and defence, space & security businesses.”

747-8 Intercontinental

On the same day the Aviation manufacturing giant confirmed a 747-8 Intercontinental, RC021, successfully made its first flight, completing the two-airplane test fleet for the 747-8 Intercontinental.

Piloted by captains Keith Otsuka and Ron Johnston, with Ralph Chaffin serving as system operator and Greg Lichneckert as flight analyst, RC021 took off at 09:26 Pacific time from Paine Field in Everett, Washington.

The airplane completed a three-hour, twenty-minute flight landing at 12:46 at Paine Field.

RC021 will be used primarily for testing the various interior systems that will be on the Intercontinental, such as heating, venting and air conditioning, smoke detection and galleys.

In addition, Boeing will conduct fuel consumption and function and reliability tests on the airplane. The 747-8 Intercontinental flight-test program will perform approximately 600 hours of flight testing.

“This is another great milestone for our flight test program and shows the progress we are making toward delivery of our passenger airplane,” said Elizabeth Lund, vice president and general manager, 747 program.