US planemaker Boeing Co. on Wednesday reported a narrower loss for the first quarter ended March 31 on higher jet deliveries.
It reported a loss of 16 cents per share during the first quarter, as compared with a loss of 56 cents per share in the same period a year ago.
During the first quarter, free cash flow usage improved to negative $2.3 billion, as compared with negative $3.9 billion a year ago, Boeing said in a statement.
Shares of the company rose 4.2% in pre-market trading.
“We’re building higher quality airplanes and delivering them with more predictability,” Ortberg said in a letter to employees.
Calling 2025 “our turnaround year,” Ortberg said the company is on track to raise output of its cash cow 737 Max jetliner over the next few months to the 38-jet monthly cap imposed by US regulators.
The company will then seek permission to go to 42 units “later this year,” a move that would help generate cash that’s been depleted by a recent strike and manufacturing crises.
The planemaker on Tuesday announced the sale of portions of its Digital Aviation Solutions business, including navigation unit Jeppesen, for $10.55 billion, as part of a plan by Chief Executive Officer Kelly Ortberg to reduce debt by selling off non-core assets.
For full year 2024, the planemaker had reported a loss of $11.8 billion due to problems at its major units.
US tariffs fallout
Boeing said it remained susceptible to the fallout from President Donald Trump’s tariff, which have halted aircraft deliveries to China, the world’s second-biggest aviation market after the US.
“While we are closely watching the developments in global trade, our strong start to the year combined with the demand for airplanes and our half trillion-dollar backlog for our products and services gives us the flexibility we need to navigate this environment,” Ortberg said.
Boeing, which last earned a profit in mid-2021, is coming off one of the worst years in its century-long history. It endured a lengthy strike by employees late last year, following months of production turmoil and a senior management shakeup in the wake of a near-catastrophic accident at the start of 2024.
