
Hector Retamal / AFP via Getty Images
Boeing (BA), the plane manufacturer, saw its first-quarter adjusted losses come in smaller than expected.
The company reported a loss per adjusted share of $0.49, on revenue of $19.50 Billion. Visible Alpha polled analysts who expected an adjusted profit per share of $1.24 based on revenue of $ 19.66 billion.
"Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality," Boeing CEO Kelly Ortberg said. "We continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company's performance while navigating the current environment."
Shares of Boeing were up 5% immediately after Wednesday's results. The shares were down by 8% at the start of the day.
Boeing announced Tuesday that it will sell parts of Digital Aviation Solutions to Thoma Bravo Software Investment firm for $10.55 billion. The company stated that the deal, which is all cash, will improve its financial position and allow them to focus on their core businesses.
Tariffs fuel China’s Uncertainty
Boeing has found itself caught in the crossfire between the U.S.-China trade war, as it is reported that its completed planes started to return to America after China warned its domestic airlines not accept deliveries.
Boeing, which led Q1 deliveries and production estimates in this month’s report, said that it expected Chinese airlines would generate demand for thousands new planes within the next 20 years as the air travel sector grows in the country.
The plane maker also still faces a looming trial in June as it works with the U.S. Department of Justice on a revised guilty plea to a charge of defrauding the federal government over fatal 737 Max crashes in 2018 and 2019 after a previous agreement was rejected by a judge last December.