On Wednesday, Boeing reported financial results for Q2 2023, marking the 8th straight money-losing quarter for the aircraft manufacturer. However, Boeing’s shares edged 4% higher at the market open as investors welcomed better-than-expected jet deliveries and free cash flow figures.

Boeing Beat Cash Flow and Delivery Expectations in Q2

Shares of Boeing rallied nearly 4% at the market open on Wednesday after the airplane maker’s better-than-expected Q2 results reignited investors’ optimism. The stock was trading at $223 at the time of writing.

The company generated $2.58 billion in free cash flow in the second quarter, smashing Wall Street estimates projecting a cash burn of $74 million. In addition, the leading airplane manufacturer reaffirmed its free cash flow guidance of between $3 billion and $5 billion for the full fiscal year 2023.

Revenue reached $19.75 billion, ahead of consensus estimates of $18.53 billion. $8.84 billion of that figure came from Boeing’s commercial airplanes unit, while the defense and space division incurred a $527 million loss, compared to the expected profit of $102.3 million.

A resurgence in commercial aircraft deliveries mainly drove the substantial earnings numbers as Boeing continued to ramp up production. The company delivered 136 jets in Q2, up from 121 aircraft in the same quarter last year.

Boeing Ramps Up 737 Production

Despite a notable surge in jet deliveries, this is Boeing’s eighth consecutive money-losing quarter. The jet maker faced a $257 million accounting charge after delaying the first crewed flight of its Starliner spaceship for an indefinite period, taking its total overruns to over $1.3 billion.

In the future, Boeing expects to deliver between 400 and 450 narrow-body 737 aircraft this year and from 70 to 80 787 jets every month. The Arlington, Virginia-based company said it is raising production of its bestselling 737 Max model from 31 to 38 jets a month after halting deliveries in April.

Even though Boeing’s business is still bleeding money, the manufacturer experienced an impressive recovery over recent years after facing operational and regulatory issues following the worldwide grounding of its 737 MAX fleet in the wake of two fatal accidents in 2018 and 2019. The Federal Aviation Administration (FAA) cleared the fleet’s return to service in November 2020, subject to mandated design and training changes.

This article originally appeared on The Tokenist

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