The Boeing Co. (BA) First Quarter Earnings Report

Aircraft manufacturer The Boeing Co. Wednesday said that a lower tax rate helped increase its first quarter bottom line, offsetting a higher pension expense and a ding in revenue because of fewer commercial-jet deliveries.

Boeing also reaffirmed its 2011 profit forecast and said following years of delays, that it was on track to deliver its first 787 jetliner by the third quarter. The first delivery of its 747-8 aircraft is still scheduled for midyear 2011.

For the recent period, Boeing said its profit rose to $586 million, or 78 cents a share, from $519 million, or 70 cents a share, in the year-ago period.

Revenue fell 2% to $14.91 billion. The company’s commercial revenue declined 5% because of fewer jet deliveries, while revenue from its military business was essentially flat.

Analysts were looking for earnings of 70 cents a share, on average, with sales of $15.27 billion.

For the full year, Boeing maintained its profit forecast of $3.80 to $4 a share, compared with analysts’ consensus view of $4.09 a share.

Shares of Boeing closed up +0.75% at $76.12

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