NEW YORK: Boeing reported a smaller than expected quarterly loss Wednesday, while confirming targets to raise commercial plane production as it bolsters its safety efforts following major incidents. The aviation giant reported a loss of $123 million in the first quarter, smaller than the $343 million loss in the year-ago period. Revenues rose 18 percent to $19.5 billion.

Amid questions over how impacted the major American manufacturer will be impacted by the broiling US-China trade war, Boeing said simply that its results “reflect only tariffs enacted as of March 31.” The company has thus far declined to comment on a report that Beijing ordered Chinese airlines not to take further deliveries of Boeing jets, after the tit-for-tat tariff escalation kicked off by President Donald Trump in early April.

Chief Executive Kelly Ortberg said the results showed Boeing is “moving in the right direction,” according to an earnings press release. The company reaffirmed that production of its 737 MAX will hit 38 per month in 2025, while output of the 787 Dreamliner will climb to seven per month from five per month. The company also said it still expects first delivery of the 777-9 in 2026.

Boeing on Tuesday announced plans to sell portions of its digital aviation solutions business to software-focused investment firm Thoma Bravo for $10.55 billion as the aviation giant seeks to bolster its financial position.

Ortberg joined Boeing last summer following a leadership shakeup in the wake of a January 2024 Alaska Airlines flight that made an emergency landing after a panel blew out mid-flight. Before that, there were deadly plane crashes on the 737 MAX in 2018 and 2019 in Indonesia and Ethiopia. To win back the confidence of lawmakers and customers, Boeing has been implementing quality control enhancements under close scrutiny of federal regulators. Shares of Boeing rose 5.2 percent in pre-market trading. — AFP