Boeing (BA) shares rise on 'strong demand'

Boeing (NYSE: BA) shares gained more than 3% Wednesday despite the company reporting earnings before the open, which saw it report a wider-than-expected loss.

The airplane maker reported a third-quarter loss per share of 3.26, $0.03 worse than the analyst estimate of a $3.23 loss per share. Revenue for the quarter came in at $18.1 billion versus the consensus estimate of $18.09 billion.

Boeing reported 105 commercial deliveries during the quarter, with the company saying it has a total backlog of $469 billion, including over 5,100 commercial airplanes. However, it now expects to now expect to deliver 375 to 400 737 airplanes in 2023, down from the previous goal of 400 to 450.

"We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term," said Dave Calhoun, Boeing president and chief executive officer.

The CEO added that Boeing is focused on driving stability in its supply chain and improving operational performance as it steadily increases production rates to meet strong demand.

By Sam Boughedda

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