McDonnell Douglas Corp. said earnings from operations...

McDonnell Douglas Corp. said earnings from operations rose sharply in the first quarter to produce record earnings despite an 11% decline in revenue. Excluding one-time gains, the aerospace contractor earned $94 million, or $2.41 a share, compared with earnings from operations of $20 million, or 52 cents a share, in the year-earlier period. Revenue declined to $3.6 billion from $4.1 billion. One-time gains totaling $122 million, or $3.10 a share, from the resolution of tax issues and the sale of McDonnell Douglas Information Systems International gave the company final earnings of $216 million, or $5.51 a share. In the year-ago quarter, McDonnell Douglas had a loss of $1.51 billion, or $39.29 a share, after a one-time charge of $1.53 billion, or $39.91, to cover accounting changes for retiree health benefits. McDonnell Douglas stock closed up 87.5 cents a share to $61.125 on the New York Stock Exchange.