The three delays to the 787 Dreamliner program did nothing to diminish Boeing's profit potential, it seems.

The manufacturer's earnings in the first quarter rose 38 percent to $1.2 billion. Revenue rose to $16 billion, a 4 percent gain over last year's quarter.

"We're off to a good start in what we expect to be another strong year of financial performance for Boeing," said Boeing Company Chairman Jim McNerney. "We are methodically working through our challenges, including the start-up of the 787," he said.

Total backlog at quarter-end reached a record $346 billion, up 32 percent in the last year, with growth driven in part by commercial airplane orders.

Boeing booked 289 orders during the quarter, 75 for the 787, to a record $271 million. To date, 57 customers have ordered 892 787s since the program was launched.

As for the delays, the 787 won't make its inagural flight until the fourth quarter of 2008 rather than the second quarter. Deliveries won't even begin until sometime in 2009 and only 25 will be delivered next year.

Robert W. Moorman