Boeing reports strong first quarter

Boeing reported a sharp increase in first-quarter revenues and profits Wednesday morning

Boeing reported a sharp increase in first-quarter revenues and profits Wednesday morning.

The Chicago-based aerospace giant’s $923 million in net income was up 58 percent from profits during the same period of 2011. Earnings per share, $1.22, was up 56 percent over the same period of last year.

Quarterly revenues grew 30 percent to $19.4 billion on the strength of increased commercial airplane deliveries, according to Boeing. The company increased its earnings per share guidance for 2012 to between $4.15 and $4.35.

“Our outlook for the year remains positive, and our team is focused on meeting our commitments to customers, profitably increasing commercial airplane production and delivery rates, and building on our strong position in defense, space and security markets,” Boeing CEO Jim McNerney said in a statement.

The quarterly earnings report comes during a busy week for the leading American plane manufacturer. On Friday afternoon in North Charleston, Boeing South Carolina plans to roll out its first locally assembled Dreamliner, a major milestone.

McNerney will comment further on the financial report and other timely topics, such as the inaugural S.C. rollout, during a 10:30 a.m. conference call with analysts and reporters.

In the meantime, click here for Boeing’s full report.

Check back at postandcourier.com and in tomorrow’s editions of The Post and Courier for more.