By stockOzone team

Boeing Co on Wednesday said its quarterly net profit narrowed as cash-strapped airlines deferred purchases of expensive wide-body planes during the economic recession.

The world's No. 2 planemaker said its first-quarter profit was $610 million, or 86 cents per share, compared with $1.21 billion, or $1.62 per share, a year earlier.

The results include the previously announced 38 cents-per- share reduction from revised twin-aisle commercial airplane production rates and lower price escalation forecasts.

Revenue rose 3 percent to $16.5 billion. The company made 121 commercial airplane deliveries in the quarter, compared with 115 a year ago.

Chicago-based Boeing said its total company backlog at the end of the first quarter was $339 billion, down 4 percent in the year-ago quarter.

Boeing lowered its 2009 earnings outlook to between $4.70 and $5 per share due to the lower price escalation forecasts.

Wall Street has a consensus forecast for a 2009 profit of $4.61 per share, according to Reuters Estimates.

Boeing and rival Airbus are being hit hard as carriers and cargo operators grapple with an economic downturn. Top U.S. carriers like AMR Corp , UAL Corp and Continental Airlines all reported first-quarter losses.

Disclosure: Author does not own any of the stocks discussed here.