The US aerospace giant Boeing said on Wednesday that its first quarter net loss to shareholders shrank to $123 million compared to a loss of $343 million the year before.
Loss per share was $0.16 compared to a loss of $0.56. Core operating profit was $199 million compared to a loss of $388 million, last year. Core loss per share was $0.49 compared to a loss of $1.13.
Analysts on average had expected the company to report a loss of $1.30 per share. Analysts' estimates typically exclude special items.
First quarter total revenues increased to $19.5 billion from $16.6 billion, prior year. Analysts on average had estimated $19.79 billion in revenue.
The company said the results primarily reflect higher deliveries. The 737 program gradually increased production and maintains plans to reach 38 per month in the current year. The 787 program continued to stabilize production at five per month and still expects to increase to seven in the current year.
"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," Kelly Ortberg, Boeing's chief executive, said.
Shares of Boeing are up 5% in pre-market trade on Wednesday.
