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Boeing Profit Down 50%

Weakness came from civil aviation

Boeing said on April 22 its first-quarter profit fell 50% from a year ago to $610 million, citing a global downturn that presents "unprecedented challenges" for the aerospace company.

The company also downgraded its outlook for the rest of 2009, saying commercial airplane orders will be weaker than previously anticipated.

Revenues rose 3% to $16.5 billion amid higher commercial airplane deliveries and higher volume in defense sales.

Boeing said most of its weakness came from civil aviation, with airlines cutting back on new orders in face of a deep global economic crisis.

"The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets," said Boeing CEO Jim McNerney.

"We believe we are better positioned than most companies to withstand the ongoing pressures of this economy, and we are not hesitating to take necessary actions to preserve our financial strength and maintain our ability to invest and grow for the long term."

Copyright Agence France-Presse, 2009

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