NEW YORK (CNN/Money) - Boeing Co. reported lower first-quarter results Wednesday that landed well short of Wall Street expectations, although the company left its earnings outlook for this year and next unchanged.

The aircraft and aerospace manufacturer earned $602 million, or 75 cents a share, excluding special items. Analysts surveyed by earnings tracker First Call had a consensus earnings per share forecast of 85 cents. Boeing earned $761 million, or 89 cents a share, on the same basis in the year-earlier period.

Shares of Boeing (BA: down $1.85 to $46.85, Research, Estimates) lost about 4 percent in morning trading following the pre-market report. The Chicago-based company is one of five components of the Dow Jones industrial average set to report results Wednesday.

Revenue increased to $13.8 billion from $13.3 billion a year earlier, just missing First Call's forecast of $13.9 billion. The company said revenue was strong at its military aircraft and missile systems units as well as at Boeing Capital Corp., but it was hit by increased costs in its commercial satellite program as well as continued softness in demand for its core commercial jets.

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The company repeated its earlier guidance of about $54 billion in revenue this year and $52 billion next year. That's above the current First Call forecasts for revenue of $52.8 billion this year and $50.7 billion in 2003. The company posted revenue of $58.2 billion last year, but the drop in air travel following the Sept. 11 terrorist attack has severely curtailed demand for new aircraft.

Boeing also restated earlier guidance of an operating margin of 8.25 percent this year and next, and cash flow, which represents profits less amortization and depreciation, of $2.5 billion to $3 billion this year, and more than $3 billion next year. The company had an operating margin of 8.4 percent and cash flow of $2.7 billion in 2001. The operating margin fell to 7.4 percent in the first quarter.

Including special items, Boeing posted net income of $578 million, or 72 cents a share, in the quarter, down from $1.2 billion, or $1.45 a share, a year earlier.