Boeing Co (NYSE:BA, ETR:BCO) shares gained more than 7% on Wednesday as the airplane manufacturer’s first quarter earnings and production update impressed investors.
The company said Q1 revenue increased 18% year-over-year to $19.5 billion, in line with Street estimates.
Boeing posted an adjusted loss per share of $0.49 compared to estimates of a loss per share of $1.29. This marked an improvement from a loss per share of $1.13 in the year-ago quarter.
Its Commercial Airplanes segment delivered 130 airplanes during the quarter, with its backlog including 5,600 aircraft valued at $460 billion.
The company noted that production of its 737 airplanes increased during the quarter and remains on track to reach 38 per month in 2025.
It plans to seek Federal Aviation Administration approval to ramp up production to 42 per month later in 2025.
"Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality," Boeing CEO Kelly Ortberg said.
"We continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company's performance while navigating the current environment."
Boeing shares gained 7.5% at $175 shortly after Wednesday’s opening bell.