Boeing reports net income of $0.6 billion

Boeing reported first-quarter net income of $0.6 billion with earnings per share of $0.86 which includes the previously announced $0.38 per share reduction from revised twin-aisle commercial airplane production rates and lower price escalation forecasts. Revenue rose 3% to $16.5 billion on higher commercial airplane deliveries and higher volume in defense. Operating cash flow was $0.2 billion, backlog at $339 billion — nearly five times current annual revenues.