The Boeing Company reported first-quarter net income rose to $0.9 billion, or $1.22 per share, on revenue of $19.4 billion.
Earnings per share rose 56 per cent, reflecting continued strong core performance across the company’s businesses, which more than offset higher pension expense.
The results also include an increase in earnings of $0.11 per share related to a reduction in a litigation-related reserve.
Earnings per share guidance for 2012 increased to between $4.15 and $4.35 to incorporate the reduction in the litigation-related reserve.
The company reaffirmed its 2012 revenue and operating cash flow outlook.
“Strong core operating performance from our production programs and services businesses continues to drive expanded earnings, revenue and cash flow for Boeing,” said Jim McNerney, chairman, president, and chief executive officer.
“We also grew our record backlog with more than 300 firm orders for our new 737 MAX, a contract award for 84 new F-15s for Saudi Arabia, and other key wins.”
Boeing’s quarterly operating cash flow was $0.8 billion, with higher commercial airplane deliveries, increased orders and strong operating performance more than offsetting continued investment in the 787 program.
Free cash flow was $0.4 billion in the quarter.
Total company backlog at quarter-end was a record $380 billion, up from $356 billion at the beginning of the year.
Net orders for the quarter were $42 billion, as backlog increased for both Commercial Airplanes and Defense, Space & Security.