Boeing reports 38% rise in net profit

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Aircraft manufacturer Boeing has reported a 38% rise in net profit to $1.34bn (£890m) in the first three months of the year, helped by increased production of commercial aircraft.

Boeing delivered 184 planes in the period, up 14% on the same quarter a year earlier, helping to offset slower results in its defence business

Overall revenue grew 8% to $22.15bn in the quarter, Boeing said.

But its defence business suffered as tight budgets hurt sales.

Earnings from Boeing's commercial airplanes rose 8% as revenue leapt 21% accounting for two-thirds of profit and sales.

But cutbacks in US defence spending led to a decline in Boeing's defence and space business, with revenue down 12% compared with a year earlier to $6.71bn.

Boeing confirmed its forecast of annual revenue of between $94.5bn and $96.5bn.

It also said it expects to deliver between 750 and 755 commercial aircraft this year, producing revenue of $64.5bn to $65.5bn.

Jim McNerney Boeing chairman and chief executive said: "The strong operational and financial performance reinforces our ability to continue providing competitive returns for our shareholders while investing in technology and our people."