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Boeing lost more aircraft orders than it gained during the first three months of this year as struggling airlines cut spending. The American aerospace group said that it had booked orders for 28 new aircraft but lost 32. Profits in the first quarter of this year halved to $610 million (£420 million). Since the end of last month Boeing's order book has moved back into the positive after Gulf Air confirmed an order for an extra eight 787 Dreamliners, worth about $2 billion at list prices. Airbus, the European aircraft manufacturer, sold 22 aircraft in the first quarter but lost orders for 14. The large number of cancellations experienced by the two leading aircraft manufacturers reflects the difficulties faced by airlines as carriers cut capacity and defer new plane orders after a collapse in passenger demand. Airbus predicted at the start of this year that it could book orders of 300 to 400 aircraft but many analysts now think that that is an impossible target. The company took 777 orders last year, compared with Boeing's 662. Boeing said on Wednesday that its backlog of commercial aircraft orders was currently worth $266 billion. However, the worsening economic outlook forced it to reduce its earnings guidance for this year. It now expects revenue of up to $69 billion and earnings per share of between $4.70 and $5. Jim McNerney, the chief executive, said that the commercial aircraft market was facing “unprecedented challenges” but added: “We believe we are better positioned than most companies to withstand the ongoing pressures of this [economic downturn], and we are not hesitating to take necessary actions to preserve our financial strength and maintain our ability to invest and grow for the long term.” Doug McVitie, managing director of Arran Aerospace, a consultancy, said: “For both Boeing and Airbus it has been a tough start to the year but this comes after three years of record orders. “They have a huge backlog of work so we are not going to see a collapse in the aerospace market.” Boeing said that in the first quarter of this year its profits were $610 million compared with $1.2 billion in the same period last year. Revenue increased to $16.5 billion from $16 billion last year. The company's total order backlog, which includes defence programmes, was 4 per cent lower at $339 billion. The manufacturer is expected to update investors next week on its progress with the 787 Dreamliner, which is running two years behind schedule. It is expected to reveal that the revolutionary carbon-fibre aircraft will have its first flight within the next two months. Mr McNerney said: “Performance across the overwhelming majority of our programmes remains solid, and we are making progress towards our milestones on the 787 and other important programmes.”