Boeing has posted a strong rise in profits in the first quarter for 2014, driven by soaring demand for its aircraft.
The US planemaker’s commercial aircraft unit generated profits of US$1.5 billion in Q1 2014, 23% higher than the same period last year. This result was driven by a 19% jump in revenues, which totalled US$12.7bn.
Boeing delivered 161 aircraft in the quarter, 18% more than Q1 2013, with demand especially strong for its B737 and B787 Dreamliner models. It also took orders for 235 new aircraft in the three-month period, and now has a backlog of more than 5,100 aircraft valued at US$374bn.
“Disciplined execution across our production and development programmes produced strong first quarter results,” said Boeing’s chairman & CEO, Jim McNerney. “Our outlook for the full-year remains positive on the strength of demand for our fuel-efficient new commercial airplanes.”
To cater for this demand, Boeing is now producing its B737 and B787 aircraft at record speeds, with 42 B737 and 10 B787 now rolling off the production line every month.