The Boeing Company (Chicago, Seattle, Wichita and Charleston) reported first-quarter net income of $0.5 billion, or $0.70 per share, and revenue of $15.2 billion. Current period results reflect solid performance across core businesses and a previously disclosed $0.20 charge on health care legislation, while the year-ago quarter was reduced by $0.31 per share on a charge due to poor market conditions in commercial airplanes.

Boeing Commercial Airplane’s first-quarter revenue was $7.5 billion, as fewer planned 747 deliveries and seat supplier challenges resulted in 11 percent fewer airplane deliveries.  Operating margin expanded to 9.1 percent on strong operating performance partially offsetting the impact of lower new airplane deliveries.  Operating margins for the year-ago quarter were reduced by 4.0 points primarily due to the charge on the 747 program related to a reduction in twin-aisle production rates and unfavorable delivery price escalation forecasts.

Commercial Airplanes booked 100 gross orders during the quarter while 17 others were removed from its order book.  This contrasts with the year-ago period when cancellations exceeded the 28 gross orders.  Contractual backlog remains strong with 3,350 airplanes valued at $250 billion, over seven times the unit’s projected 2010 revenue.