US based Boeing Co., the second largest plane maker in the world, reported a sharp decline of 15% in its net profit for the first quarter of the fiscal. The company said that the decline in profit was due to an 11% decline in commercial airplane deliveries in the first quarter. However, the profit in the first quarter managed to beat the expectations of the market analysts.

In its quarterly report, Boeing said that the net profit for the first half was reported of $519 million or 70 cents per share, decreasing by 15% while the net profit was reported of $610 million or 87 cents per share in the same period last year. The first quarter net profit beat the expectations of the market analyst as they were expecting net profit of 64 cents per share for the quarter.

Total revenue in the first quarter was reported at $15.2 billion, decreasing by 7.8% comparing to the same period last year. Boeing said that the Airplane deliveries in the first quarter were reported at 108, while it had reported 121 deliveries in the same quarter last year.

Boeing also released its full year guidance for 2010. Boeing expects earnings per share of $3.50 to $3.80 per share for the full year 2010 with revenue between $64 billion and $66 billion. Boeing said that it expects to deliver 460 to 465 commercial aircraft this year.