Boeing Co. said Wednesday that first-quarter profit rose a greater-than-expected 29 percent, as the No. 1 U.S. aerospace company recorded higher sales of its commercial planes.
Boeing, which dominates the surging world market for jetliners with Europe’s Airbus, reported quarterly profit increased to $692 million, or 88 cents per share, from $535 million, or 66 cents per share, in the year-ago quarter.
Excluding a one-time gain from a tax settlement, Boeing reported 85 cents per share profit. That beat Wall Street’s estimate of 76 cents per share. Revenue rose 12 percent to $14.3 billion, below analysts’ forecast of $14.6 billion. Boeing reaffirmed its full-year 2006 and 2007 profit forecasts.