Boeing profit of $586M beats expectations

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SEATTLE — Boeing Co. said Wednesday that its first-quarter profit rose to $586 million, enough to beat Wall Street’s expectations. And the big airplane maker and defense contractor reaffirmed its profit and revenue guidance for the full year.

Boeing earned 78 cents per share. The profit rose from a year-earlier $519 million, or 70 cents per share, which was reduced by a one-time charge of 20 cents per share. Operating profits fell by 15 percent.

Revenue was down 2 percent to $14.91 billion. That was below the analyst expectation of $15.27 billion.