Rising aircraft orders helped Boeing (NYSE:BA) beat Wall Street first-quarter profit forecasts, and the company also raised its earnings outlook for the rest of the year, sending BA shares up about 4% Wednesday.
The company’s first-quarter earnings jumped to $923 million ($1.22 per share), up 56% from $586 million (78 cents) in the same period last year. Revenue grew 30% over the first quarter of 2011, rising to $19.4 billion, which beat analysts’ expectations for $18.4 billion.
Cash set aside to offset a potential California court loss inflated the company’s earnings. However, an appeals court dismissed a $775 million award in favor of Pendrell Corporation (NASDAQ:PCO), rendering the reserve unnecessary, Reuters said. Without the cash reserve, Boeing’s earnings came in at $1.11 a share, which still beat the average analyst forecast of 94 cents a share.
The airplane maker boosted its estimated 2012 EPS from $4.24 to $4.34, while maintaining its previous revenue projection of between $78 billion to $80 billion for the year.
During the quarter, Boeing delivered 137 commercial airplanes — a 32% increase from 2011 — and took 412 new orders for commercial jets.
Production of the new 787 Dreamliner increased to 3.5 planes per month in the first quarter, showing some promise of eventually hitting the 10 planes per month the company had set.