Boeing Co. posted weaker than expected first-quarter...

Boeing Co. posted weaker than expected first-quarter earnings, and its chairman said “a lot of work still needs to be done” to cut costs as it pares production across its airliner models.

Boeing--the world’s largest aircraft manufacturer with about a 60% share of the global market for airliners--reported net first-quarter earnings of $325 million, or 96 cents a share, on revenue of $6.64 billion. This was down from earnings before an accounting adjustment in the first quarter of 1992 of $420 million, or $1.23 a share, on revenue of $7.97 billion. Analysts said this was below Wall Street consensus estimates of $1 a share for the quarter, largely because of fewer Boeing jetliner deliveries--93--than many had projected. This was down from a record 124 deliveries a year ago. Boeing shares closed down 62.5 cents at $37.375.