Boeing 1Q profit rises 20 percent

Boeing logo (KSN file photo)

UNDATED (AP) – Boeing says it will begin delivering 787s again in early May.

The 787 has been grounded since mid-January because of smoldering batteries. Federal authorities have approved Boeing’s redesigned battery system. The company’s CEO says the new battery setup has been installed on 10 787s that belong to airlines, and on nine more that have been built but not delivered. Boeing has kept producing the 787 even though it was grounded. But it can only collect the cash from airlines when it delivers the planes.

The airplane maker reported Wednesday that its net income rose 20 percent in the first quarter despite its troubles with the 787. It earned $1.11 billion, or $1.44 per share. Its adjusted profit would have been $1.73 per share, well above analyst expectations.

Revenue fell 3 percent to $18.89 billion because Boeing delivered just one 787 before the plane was grounded in mid-January.

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