Boeing's sales fall as company delivers fewest jets since 2014

Defense, Space and Security revenues fell 18% to $6.5 billion. Weak sales overshadowed a surprise gain in free cash flow as the manufacturer kept costs in check and started to reap a long-awaited payoff from the 787 Dreamliner.

Boeing Co. posted earnings well above expectations in the first quarter and lifted its guidance for the year because of a tax benefit, though sales flagged worse than analysts anticipated.

Boeing had indicated the quarter would be the weakest of the year.

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"Commercial profits were a little lighter than I would've expected", Howard Rubel, managing director at Jefferies, said by phone. The division's operating margin rose to 11.3 percent from 10.3 percent. The deliveries of 737s have also dipped as Boeing built 737 MAX 8 jets that it plans to begin delivering this quarter, now that the plane has regulatory certification. "We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog", Chief Executive Dennis Muilenburg said in a statement. The marquee aircraft, with a frame made of spun carbon-fiber, has emerged as a profit maker for BA past year after a decade of losses. Adjusted per-share earnings came to $2.01, ahead of the FactSet consensus of $1.91. This represents an increase of 249% compared to the typical volume of 4,287 put options.

In all for the first quarter, Boeing earned $1.45 billion, or $2.34 a share, up from last year's $1.22 billion, or $1.83 a share.

Boeing shares closed at an all-time high of $183.51 in NY on Tuesday after rising 0.8% on the session, extending their year-to-date gain to 17.87% against a 6.24% advance for the Dow Jones Industrial Average. Supplemental Annuity Collective Trust of NJ now owns 14,000 shares of the aircraft producer's stock worth $1,844,000 after buying an additional 2,000 shares during the last quarter. It also paid $868 million in dividends, 30 percent more than a year ago. Boeing raised its full-year earnings per share forecast to a range of $10.35 to $10.55 from a prior range of $10.25 to $10.45 per share. Analysts had been expecting $1.06 per share and $594.7 million.