Boeing on Wednesday reported a second-quarter profit decline due to the continued halt in 787 deliveries, with results that missed analysts’ expectations.
The airline giant reported quarterly profits fell 67 percent to $193 million, while revenue fell 1.9 percent to $16.7 billion.
But shares rose after the report as Boeing confirmed it still expects cash flow positive in 2022.
The company said it was working with US air traffic safety officials on “final actions” to resume 787 deliveries.
The halt of the widebody aircraft has weighed on Boeing’s financial performance for more than a year.
The company worked with the Federal Aviation Administration to address a number of manufacturing issues uncovered in 2020 and since.
The increased regulatory scrutiny of the 787 and other Boeing planes follows two crashes of the 737 MAX in 2018 and 2019, which led to a protracted worldwide grounding of the plane.
But the MAX has since returned to service, allowing Boeing to ramp up production of the planes, generate significant revenue and announce significant new orders at the Farnborough Airshow earlier this month.
“We made important progress on key programs in the second quarter and continue to build on our turnaround,” said Chief Executive Dave Calhoun.
“As we begin to achieve key milestones, we generated positive operating cash flow this quarter and remain on track to be free cash flow positive in 2022. As we make significant progress, we still have more work to do.”
Shares were up 2.0 percent in premarket trading at $159.01.
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