Commercial aeroplane demand boosts Boeing

Airlines updating their fleets with more fuel-efficient planes have boosted Boeing's results.

The company reported net profit for the first three months of the year of $923m (£572m), up 58% from the same period last year.

It delivered 137 commercial aircraft in that period, up from 104 in the first quarter of 2011 and also ahead of its European rival Airbus' 131 deliveries.

Boeing shares rose 3.5% in early trading in New York.

Boeing said its order backlog was growing, especially with demand for more fuel-efficient versions of its 737 aircraft.

The commercial backlog increased to $308bn, including more than 300 orders in the quarter for the 737 Max.

Its revenue from commercial aircraft grew 54% to $10.9bn, while its revenue from military aircraft grew 27% to $4.3bn.

"Our outlook for the year remains positive, and our team is focused on meeting our commitments to customers, profitably increasing commercial airplane production and delivery rates, and building on our strong position in defence, space and security markets," said Boeing chief executive Jim McNerney.

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