NEW YORK (Standard&Poor's) April 28, 2004--Boeing Co. (A/Stable/A-1) reported net income of $623 million for the first quarter ended March 31, 2004, compared with a net loss of $478 million (after goodwill impairment charges of $913 million) for the same quarter of 2003. Standard&Poor's Ratings Services said those results do not affect its ratings or outlook on Boeing. Double-digit revenue growth and slightly improved margins in the integrated defense systems segment, combined with increased profits in the commercial airplanes business stemming from greater efficiency, led to better-than-expected performance in the 2004 period. Those factors, aided by stabilizing conditions in the commercial aircraft market, enabled the company to raise earnings guidance for 2004 and revenue and earnings
