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Investing.com - Boeing (NYSE:BA) has reported total revenue in the first quarter beat analysts’ estimates, as the embattled planemaker pursues a broad turnaround against a backdrop of intense international trade tensions.
The company has been grappling with a host of issues, including a recent move by China to order its domestic airlines not to take any more deliveries from Boeing. The decision poses a fresh challenge for a business trying to bounce back from a difficult year marked by safety concerns, supply chain snafus, and a damaging labor strike.
Still, CEO Kelly Ortberg, who was brought on last year to oversee the overhaul of Boeing’s operations, said the group was "moving in the right direction" and is beginning to improve performance due to an "ongoing focus on safety and quality."
"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," Ortberg said in a statement.
Revenue in the first quarter climbed by 18% versus a year ago to $19.5 billion, compared with Bloomberg consensus projections of $19.37 billion. Boeing posted a core loss per share of $0.49, narrowing from the corresponding period last year.
The firm added that production of its 737 jet gradually increased during the quarter, and is still expected to reach 38 per month this year.
Shares in Boeing were higher in premarket U.S. trading on Wednesday.