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Faster production brings Boeing $965M 1Q profit

In the first three months of this year, 161 new airplanes rolled off the company's assembly lines _ more jets than the same period last year. That increased rate _ in part -- helped Chicago-based Boeing Co. post a $965 million profit in the first quarter.

The net income is actually down 12.7 percent from last year's $1.1 billion first quarter profit, but that is because Boeing took a $330 million accounting write-off related to changes in its retirement plans.

Boeing reported adjusted earnings of $1.76 per share, beating the estimate of $1.56 per share from Wall Street analysts surveyed by FactSet. The company reported $20.47 billion in revenue, more than the $20.15 billion expected.

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