Aerospace giant’s profits fall

Thursday, April 20, 2000 | 11:34 a.m.

Boeing Co. executives said Wednesday that despite a drop in first-quarter profits due to an engineers' strike, they expect the company to make its revenue and aircraft delivery targets for the year.

Boeing's revenues fell 31 percent from a year ago, and profits fell 11 percent due to the strike, which reduced the number of planes delivered in the quarter from an expected 119 to just 75.

Boeing made $418 million or 48 cents per share, on revenues of $9.91 billion in the three months ended March 31. That was down 31 percent from net earnings a year ago of $469 million, or 50 cents per share, on sales of $14.39 billion.

Despite the lower profits, Boeing surpassed Wall Street's expectations. Analysts surveyed by First Call/Thomson Financial had forecast earnings of 35 cents per share.

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