Chicago-based aircraft maker Boeing Co. said Wednesday that first-quarter profit soared 58 percent, beating analysts’ expectations, as sales at its commercial airplane division surged.
Even its defense business grew, although more slowly.
Boeing delivered 137 commercial airplanes in the quarter, winning bragging rights over European rival Airbus, which had 131 deliveries.
Much of the demand came from emerging markets, said Chairman and CEO W. James McNerney Jr. The company’s stock price rose $3.93, or 5.4 percent, to close at $77.14 on twice the normal trading volume.
Boeing earned $923 million, or $1.22 per share, in the first quarter, compared with $586 million, or 78 cents per share, a year earlier. Excluding a gain from settling litigation, the company earned $1.11 per share, beating analysts’ expectations of 96 cents.
Revenue rose 30 percent, to $19.4 billion.