The Boeing Company (NYSE:BA) has reaffirmed its guidance to deliver 400 to 450 airplanes in 2023 and said it plans to increase production to 38 units per month later in the year despite production issues, sending its shares close to 4% higher in pre-market trading.
Reporting first-quarter results, the airplane manufacturer delivered a 28% increase in revenue to $17.9 billion, reflecting 130 commercial deliveries. The growth beat consensus Street estimates for $17.6 billion in revenue. Its net loss narrowed to $425 million from $1.24 billion, resulting in a loss per share of $0.69 from $2.06 previously.
"We delivered a solid first quarter and are focused on driving stability for our customers," Boeing president and CEO said Dave Calhoun said in a statement.
"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.”
During the quarter, Boeing said its Commercial Airplanes unit secured net orders of 107. In addition, Air India committed to 190 737 MAX, 20 787, and 10 777X airplanes, while Riyadh Air and Saudi Arabian Airlines placed orders for up to 121 787 airplanes.
Boeing said its backlog included over 4,500 airplanes valued at $334 billion.
Its shares were up 3.9% ahead of the market open.
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