Boeing profits slashed for Q1

BOEING’S first quarter (Q1) profits dropped 50 per cent: down to US$610 million from $1.21 billion for Q1 last year.

Boeing says that the drop is due to it having to cut production because customers have been deferring delivery of new aircraft.

Revenue increased slightly by three per cent to $16.5 billion.

“The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets,” said Boeing chairman, president and chief executive officer Jim McNerney (right).

“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.”