Boeing (NYSE:BA) shares rose nearly 4% Wednesday after the company reported earnings before the bell.
The company reported $1.27 in an adjusted loss per share and $17.92 billion in revenue. Analysts polled by Refinitiv anticipated an adjusted loss per share of $1.07 on $17.57 billion in revenue.
Boeing also said it would increase production of 737 Max planes later this year despite a prior production issue.
Boeing reported operating cash flow of ($0.3) billion and free cash flow of ($0.8) billion (non-GAAP). Results improved on commercial volume and performance.
"We delivered a solid first quarter and are focused on driving stability for our customers," said CEO Dave Calhoun. "We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term. Demand is strong across our key markets and we are growing investments to advance our development programs and innovate strategic capabilities for our customers and for our future."
Cash and investments in marketable securities totaled $14.8 billion, compared to $17.2 billion at the beginning of the quarter. Debt was $55 .4 billion, down from $57.0 billion at the beginning of the quarter due to the pay down of debt maturities. The company has access to credit facilities of $12.0 billion, which remain undrawn.
Total company backlog at quarter-end was $411 billion.
BA shares popped $8.26, or 4.1%, to $210.44.
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