Boeing Profit Falls 50% yet Shares Up 3%

Got to love the business of lowered expectations, Boeing (NYSE:BA) lowered their 2009 guidance and their was cut in half, yet shares manage to move upward, go figure?

BA reported fiscal first quarter net income of $610 million, or 86 cents per share, down nearly 50% from $1.21 billion, or $1.62 per share, in the year-ago period. Revenue, however, rose 3% to $16.5 billion.

On average, Wall Street analysts expected profits of 91 cents per share on revenues of $16.70 billion.

Boeing also lowered its full-year profit forecast, now saying it expects earnings of $4.70 to $5.00 per share, down from a previous outlook of $5.05 to $5.35 per share. The new outlook is still above Wall Street estimates, which currently sit around $4.61 per share.

The company has been hurt by its commercial jetliner business, which has suffered as airline companies put off new orders for aircraft during the current economic recession.