By AP/KWMU
Chicago – The Boeing Company says an 18 percent surge in revenue from its defense contracting unit has resulted in far-better-than-expected first-quarter profits.
Boeing Wednesday reported earnings of $623 million and raised its earnings estimates for both 2004 and 2005.
The impressive showing reflects continued strength in Boeing's military business and the strongest signs yet of an emerging recovery in the slumping commercial airplane industry.
Net income reported Wednesday amounted to 77 cents a share. That compares with a net loss of $478 million, or 60 cents a share, for the first quarter of 2003.
The results shattered Wall Street's estimates, which had pegged earnings at 44 cents per share.