The Boeing Company reported first-quarter net income of $500 million, or $0.70 per share, and revenue of $15.2 billion. Current period results reflect solid performance across core businesses and a previously disclosed $0.20 charge on health care legislation, while the year-ago quarter was reduced by $0.31 per share on a charge due to poor market conditions in commercial airplanes.
"With clear progress on the 787 and 747-8, solid financial performance and marked improvement in our customer outlook, we continue to draw on the positive momentum we saw at the end of 2009," said Jim McNerney, Boeing chairman, president and chief executive officer. "Our outlook remains attractive, and we are focused on executing well and delivering on our commitments to customers."
Earnings guidance for 2010 has been revised to $3.50 to $3.80 per share, incorporating the previously announced charge of $0.20 per share.
Boeing's quarterly operating cash flow declined $285 million, which reflects continued investment in development programs. Free cash flow declined $471 million in the quarter.
