Boeing profits up despite 787 crisis

AFP-JIJI

Boeing reported higher first-quarter earnings and reaffirmed its 2013 profit forecast Wednesday despite battery problems that have grounded the aerospace giant’s new 787 Dreamliner.

Higher deliveries of other aircraft offset the freeze on 787 deliveries triggered by battery meltdowns in January, Boeing said.

Net income for the quarter to March 31 came in at $1.1 billion, up 20 percent from $923 million a year ago. Profit was boosted by a tax credit for research and development and by lower expenses. Revenue, however, declined 3 percent to $18.9 billion.