Boeing is reporting a 38-percent jump in first-quarter profits this morning.

The company reported net income of $1.2 billion for the quarter, compared to $877 million in the first quarter of last year.

On a per-share basis, profits climbed 43 percent -- to $1.62 from $1.13. The increase per-share is greater because Boeing has been buying back shares; the company spent $1.2 billion to acquire 15.6 million of its shares in the quarter.

The profit increase far outstripped revenue growth. Revenues were up 4 percent, to $16 billion. It would seem, then, that the company is operating much more efficiently.

I haven't plowed through all the filings yet, but there are a couple interesting numbers in the press release:

• Boeing says its commercial airplanes R&D spending actually fell (to $633 million from $788 million), in spite of the continued delays on the 787.

• And in spite of those ongoing delays, Boeing took another 75 orders for Dreamliners in the quarter, pushing the total sold to date to 892, which is an astonishing number in the historical context.

• The company reports free cash flow of $1.5 billion, which is more than five times the free cash flow it generated in the first quarter of 2007.

• In a nod to the upcoming contract talks with the Machinists union and SPEEA, Boeing says it contributed $506 million to its pension funds during the quarter.  

I'll be back after the conference call with more. It starts in about 20 minutes, which gives me enough time to have another cup of coffee and get settled in.