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updated: 4/23/2014 8:42 AM

Faster production brings Boeing $965 million 1Q profit

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Associated Press

Boeing's increased rate of commercial jet manufacturing is starting to pay off for shareholders.

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.

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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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