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MINNEAPOLIS — Boeing’s first-quarter profit fell almost 15 percent as it delivered fewer aircraft. But the company said it is still on track for its most closely watched delivery: the first 787, by the end of the year.

Its shares jumped $2.60, or 3.7 percent, to $74.01 in morning trading.

Boeing’s first-quarter report on Wednesday was notable for all the potential bad news that wasn’t there. Sticking with plans to deliver the 787 by the end of the year might reassure those analysts who had been worried about further delays. Its 2010 profit guidance remained unchanged except for an accounting charge that investors found out about last month. And it said 2011 revenue should rise.

Boeing President and CEO Jim McNerney said that despite significant budget pressures facing the U.S. Defense Department, some of the company’s key defense programs continue to have strong Pentagon support, including the St. Louis-built F/A-18 fighter jet.

"The current business environment will continue to put pressure on some of our defense, space and security programs, but we remain intensely focused on executing to plan and meeting the enduring needs of our customers," he said.

McNerney said Boeing will decide during the current quarter whether to increase the production rate on its workhorse 737 from the current 31 per month.

The airplane maker and defense contractor said on Wednesday that it earned $519 million during its first quarter, or 70 cents per share. Analysts surveyed by Thomson Reuters expected a profit of about 63 cents per share.

Revenue fell almost 8 percent to $15.2 billion, close to what analysts had forecast.

The 787 flew more than two years late. Boeing said the test fleet has flown for a total of 500 hours as of Friday. One of the planes was moved to Florida on Sunday for extreme weather testing at Eglin Air Force Base.

Boeing has orders for 866 of the planes, from 57 customers. The sooner Boeing delivers the plane, the sooner it gets paid, although customers have made major pre-delivery payments, too.

Boeing said it expects revenue of $64 billion to $66 billion this year. Analysts had been expecting $65.04 billion. It reduced its full-year forecast to $3.50 to $3.80 per share to account for a previously announced charge of 20 cents per share related to recently passed health legislation.

Boeing said it expects 2011 revenue will be higher as it delivers the 787 and a new version of its 747.

Ken Leiser of the Post-Dispatch contributed to this report.

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