Boeing has reported a higher-than-expected quarterly profit, despite making fewer deliveries.

The rise in profits results from reduced costs at its commercial airplane division.

Macquarie Securities analyst Rob Stallard told Reuters that although revenues were pretty much in line with expectations, operating margins of 9.1% were much better than expected, with Boeing noting the benefit of a good operating performance.

The net profit, although higher than expected, fell to $519m from $610m in Q1 2009.

The firm, however, reduced its 2010 earnings forecast due to the impact of US healthcare legislation, which removes a tax benefit for some companies.

Operating margins for Boeing’s commercial airplane unit were 9.1%, up 4.2 percentage points from 2009.

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Boeing received 100 gross orders in the quarter and 17 were cancelled, a contrast with the same quarter in 2009 when cancellations exceeded the 28 gross orders.

The firm has a strong backlog of 3,350 airplanes valued at $250bn, over seven times the unit’s projected 2010 revenue.