Aerospace and defense major Boeing Co. (BA) reported Tuesday sharply narrower net loss in its second quarter, as revenues were benefited mainly by strong growth in commercial deliveries. Core loss per share was narrower than expected by analysts, and revenues beat the Street view.
In the pre-market activity, Boeing shares were gaining around 2.4 percent to trade at $242.01.
In the second quarter, net loss was $612 million, compared to loss of $1.44 billion last year. Loss per share $0.92 compared to loss of $2.33 last year.
Core loss per share was $1.24, compared to loss of $2.90 a year ago.
The Wall Street analysts on average expect the company to report loss of $1.31 per share. Analysts' estimates typically exclude special items.
Revenue increased 35% to $22.75 billion from last year's $16.87 billion, primarily reflecting 150 commercial deliveries, 63 percent higher than last year's 92 units. The Street expected revenues of $21.72 billion for the quarter.
Total company backlog grew to $619 billion, including over 5,900 commercial airplanes
Looking ahead, Kelly Ortberg, Boeing president and chief executive officer, said, "As we look to the second half of the year, we remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment."
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