Shares of Boeing Co. /zigman2/quotes/208579720/composite BA +1.10% dropped 0.8% in premarket trade Wednesday, after the aerospace and defense giant missed first-quarter profit projections, as commercial airplanes revenue fell more than expected, and said it would update its 2019 guidance at "a future date." Net income fell to $2.15 billion, or $3.75 a share, from $2.48 billion, or $4.15 a share, in the year-ago period, as lower 737 deliveries was partially offset by higher defense and services volume. Excluding non-recurring items, core earnings per share fell to $3.16 from $3.64, below the FactSet consensus of $3.19. Revenue declined 2% to $22.92 billion, just shy of the FactSet consensus of $22.94 billion. Among Boeing's business segments, commercial airplanes revenue declined 9% to $11.82 billion, below the FactSet consensus of $11.89 billion; defense, space & security revenue rose 2% to $6.61 billion, above expectations of $6.39 billion; and global services revenue increased 17% to $4.62 billion, topping expectations of $4.45 billion. Regarding 2019 guidance, Boeing said: "The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date." The stock has rallied 16% year to date through Tuesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.14% has gained 14%.