Boeing’s (NYSE:BA) second-quarter results topped analyst expectations thanks to a pickup in commercial aircraft deliveries as the manufacturer increases production.
The company generated $2.6 billion of free cash in the quarter, ahead of analyst forecasts, and reiterated its full-year guidance of between $3 billion and $5 billion in free cash flow.
Adjusted loss per share came in at 82 cents vs. 88 cents, on revenue of $19.75 billion vs. $18.45 billion
Boeing and main rival Airbus have both struggled to increase aircraft production in the wake of the pandemic as some airlines face longer waits for new jets, just as travel demand rebounds.
Boeing said Wednesday that it is transitioning to higher production of its best-selling Max aircraft, at a pace of 38 jets a month, up from 31 a month — a plan it outlined earlier this year.
“With demand strong across our key markets, it is important that we stay focused on execution and on driving stability in our factories and supply chain to ensure we meet our customer commitments,” said CEO Dave Calhoun.
Boeing’s second-quarter revenue jumped 18% from a year ago to $19.75 billion, but the company still reported a net loss of $149 million, or 25 cents per share. That compares with a profit of $160 million, or 32 cents per share, a year ago, with the most recent quarter’s results weighed down by charges in Boeing’s defense and space units.
BA shares hiked $12.04, or 5.6%, to $226.16.
