The Boeing Co. announced on Wednesday that its earnings per share for the first quarter of 2009 decreased 47 percent, to 86 cents.

The decline includes an already-announced 38-cent-per-share drop because of the pending changes in twin-aisle jetliner production and lower increases in the price of delivered planes.

The company won’t reduce the production rate of the 737, which has a roughly 2,200-plane backlog.

Boeing’s quarterly revenue rose 3 percent to $16.5 billion, while its operating cash flow was $200 million, reflecting continued investment in development programs.

Boeing is still forecasting revenues of $68 billion to $69 billion for 2009. Earnings per share is estimated at $4.70 to $5, rather than $5.05 to $5.35 a share.

The company expects to deliver between 480 and 485 planes this year.