Boeing upbeat on 787s

Boeing expects to resume deliveries of the grounded 787 by early May and to complete its battery fix for the high-tech plane by mid-month.

Reporting robust first-quarter earnings yesterday, company chief Jim McNerney said Boeing began installing its redesigned battery system immediately after receiving Federal Aviation Administration approval.

The FAA last week approved Boeing's solution to the problematic lithium-ion batteries, which includes replacing them and their chargers with modified components and installing a steel enclosure system to contain any overheating.

Net income soared to US$1.1 billion ($1.3 billion) in the first quarter, up 20 per cent from the year-earlier period, while revenues declined 3 per cent to US$18.9 billion. Core earnings were US$1.73 a share, well above analysts' expectations of US$1.48 a share. Boeing shares rose 3.1 per cent to US$90.93.

The company did not reveal how much the 787 battery episode will cost it.


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