Boeing Co BA delivered better-than-expected results for the second quarter. Its loss is narrower than estimated while revenue came in above the predicted levels.
Boeing said it suffered core operating loss of $488 million or a loss of $0.44 a share compared to core earnings of $1.7 billion or $1.61 a share in the year-ago quarter. However, this was better than the analysts' expectations of a loss of $0.92 a share.
The company's revenues rose one percent to $24.76 billion from $24.54 billion in the previous year quarter and came in above the analysts' estimate of $24.04 billion.
Chairman, president and CEO, Dennis Muilenburg, commented on the results: "The underlying operating performance of the company remains solid with our commercial and defense teams again delivering strong revenues and operating cash flow. Actions taken during the quarter that impacted our earnings were the right, proactive steps to reduce risk and strengthen our position for the future."
Going forward, the company reaffirmed its full year guidance and sees core earnings of $6.10-$6.30 a share, which is above the Street analysts' expectations of $5.34 a share.
On Wednesday, shares of Boeing traded up by $4.14 or 3.07 percent at $138.50 in the pre-market.
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