Boeing reported a first-quarter 2017 net profit of $1.5 billion, up 18.9% over net income of $1.2 billion in the 2016 March quarter, even as revenue fell 7.3% year-over-year (YOY) to $21 billion.

The company’s first-quarter expenses decreased 9.6% YOY to $17.3 billion and operating income was $2 billion, up 12.8% over an operating profit of $1.8 billion in the prior-year quarter.

Boeing chairman, president and CEO Dennis Muilenburg credited “a sharp focus on performance and productivity” for the improved performance.

The Commercial Airplanes unit posted a 0.6% YOY dip in revenue to $14.3 billion as commercial aircraft deliveries fell 4% to 169.Commercial Airplanes booked 198 net orders during the quarter and the company’s backlog at the end of the quarter stood at 5,700 aircraft valued at $417 billion.

Boeing’s full-year guidance remained steady: it is sticking with projections of $90.5 billion-$92.5 billion for overall revenue; $62.5 billion-$63.5 billion for Commercial Airplanes’ revenue; and 760-765 commercial aircraft deliveries.

Aaron Karp aaron.karp@penton.com