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Boeing (NYSE:BA) saw its shares rise more than 5% in premarket trading Wednesday as investors reacted to a narrower-than-anticipated first-quarter loss. The aerospace giant reported an adjusted loss of $0.49 per share, considerably better than the $1.30 loss analysts had forecast.
Revenue climbed 18% year over year to $19.5 billion, falling just short of the $19.79 billion consensus. Operating and free cash flow both remained negative at $1.6 billion and $2.3 billion, respectively, though they marked year-over-year improvements.
CEO Kelly Ortberg said efforts to enhance safety and operational consistency are beginning to show results, even as cash flow pressures continue.
Boeing's Commercial Airplanes segment generated $8.1 billion in revenue, a 75% surge, with operating losses narrowing to $537 million. Deliveries rose to 130 aircraft from 83 last year. The company booked 221 net orders, including key wins with Korean Air and BOC Aviation, and expects 737 production to hit 38 per month by year-end.
Defense, space and security revenue declined 9% to $6.3 billion, though operating profit inched up to $155 million. The company also secured a notable contract to develop the F-47 fighter jet for the U.S. Air Force.
Global services posted $5.1 billion in revenue and $943 million in operating profit, maintaining stability and strong margins. Boeing is selling parts of its Digital Aviation Solutions unit, with the deal expected to close by year-end.
This article first appeared on GuruFocus.