Boeing (BA) is reporting a first-quarter profit of $586 million, enough to beat analyst expectations.

The big airplane maker and defense contractor earned 78 cents per share. Analysts surveyed by FactSet had been expecting a profit of 70 cents per share.

The first-quarter profit topped last year's $519 million. But the year-ago profit was reduced by a one-time charge. Operating profits fell.

Revenue fell 2 percent to $14.91 billion.

Boeing Co. says its profit and revenue expectations for the full year are unchanged. And it still expects to deliver the new 787 during the third quarter.

Revenue in the commercial airplane unit fell 5 percent to $7.12 billion. Defense revenue was flat at $7.62 billion.