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Boeing Earnings Up 17%

Improved productivity helped

Boeing said on July 22 its second quarter earnings rose 17% from a year ago to $998 million, helped by improved productivity amid flat revenues.

The increase from last year came when Boeing took a charge for a delay on its airborne early warning defense programs.

Revenues grew a modest one percent to $17.2 billion, with a rise in defense sales offset a small decline in commercial aircraft revenues.

"Our continued focus on productivity improvements and disciplined cash management drove solid overall results for the quarter," said Boeing CEO Jim McNerney.

"While market and development program execution challenges remain with us, we are doing what's necessary to emerge from the current economic environment as a stronger company that's better positioned to grow and improve its financial performance over time."

Boeing said it would provide an updated schedule for its new 787 Dreamliner program in the current quarter. The program was delayed last month for a fifth time to fix a structural problem.

Copyright Agence France-Presse, 2009

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