Boeing Co (NYSE:BA, ETR:BCO) reported a surge in revenue and a narrower loss for the second quarter, driven by increased commercial airplane deliveries and strong order intake.
Revenue was up 35% year-over-year at $22.75 billion, above Wall Street estimates of $21.86 billion.
The airplane maker reported an adjusted loss per share of $1.24, better than the $1.54 loss per share expected by analysts.
During Q2, Boeing delivered 150 airplanes, up from 92 a year ago and saw 455 net orders.
Production of its 737 airplanes reached 38 per month during the quarter, with the company planning to ramp up production to 42 per month this year. It is producing seven of its 787 Dreamliner aircraft per month.
The company’s backlog grew to $619 billion in Q2, including over 5,900 commercial airplanes valued at $522 billion.
“Our fundamental changes to strengthen safety and quality are producing improved results as we stabilize our operations and deliver higher quality airplanes, products and services to our customers,” Boeing CEO Kelly Ortberg said in a statement.
"As we look to the second half of the year, we remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment."
Despite the better-than-expected report, Boeing’s shares traded lower, reflecting investor caution as the airline recovers its operations following safety and quality issues. The stock was down 2.1% at about $231 on Tuesday morning.