Boeing Co (NYSE:BA) stock rose 0.94% (As on April 27, 11:37:04 AM UTC-4, Source: Google Finance) after the company beat expectations and said it would raise production of its 737 MAX jets this year. The company also plans to increase shipments of commercial planes as it copes with manufacturing issues with its 737 Max and 787 Dreamliner aircraft. The company reported a loss of $425 million, compared with a $1.2 billion loss in the year-ago period, reflecting the continued drag from supply chain issues across its commercial and defense businesses.

BA in the first quarter of FY 23 has reported the adjusted loss per share of $1.27, missing the analysts’ estimates for the adjusted loss per share of $1.05. The company had reported the adjusted revenue growth of 28 percent to $17.9 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $17.6 billion. Commercial airplane revenue surged 60% as higher 787 Dreamliner and 737 deliveries helped take the aggregate tally to 130 in the first quarter from 95 last year. Revenue in defense, space and security advanced 19% to $6.54 billion, while global services inclined 9% to almost $4.72 billion, according to the manufacturer. The jet maker’s operational loss contracted to $149 million from $1.16 billion year-over-year. Operating cash flow improved to negative $318 million from negative $3.22 billion because of the higher commercial deliveries and timing of receipts. Free cash flow was negative $786 million, narrowed from negative $3.57 billion.

The aircraft maker intends to raise the output of the 737 Max to 38 aircraft a month later this year, from 31 currently. The company said production will rise to 50 planes a month by 2025-2026. Boeing also plans to increase production of the 787 Dreamliner to five planes a month from three currently. The 737 Max has returned to service following two fatal crashes. Production issues have clouded both the 737 Max and 787 Dreamliner. Boeing previously had a reputation for engineering and manufacturing excellence. With the 737 Max, Boeing said a supplier notified the company of a problem with the fuselage of some aircraft. Boeing had said that could slow deliveries of some planes. Despite that, Boeing said it expects to deliver 400 to 450 737 Max aircraft this year.

Boeing reiterated its full-year 2023 operating cash flow guidance range of $4.5 billion to $6.5 billion. It also continues to see free cash flow of $3 billion to $5 billion for the year.