Boeing lost $149 million last quarter as the plane maker pushes ahead with production increases

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Boeing is reporting a $149 million loss for the second quarter despite higher revenue, as the plane maker struggles with higher costs in both its airline and defense business

Boeing flipped to a $149 million loss in the second quarter despite higher revenue, as the plane maker struggled with higher costs in both its airline and defense business.

The company beat Wall Street expectations for profit, revenue and free cash flow and said it is beginning to increase production of its two most popular airline planes.

The shares jumped 8.7% on Wednesday — the biggest one-day percentage gain in more than a year.

European rival Airbus reported a second-quarter profit and also said it was making progress to raise production of its best-selling plane. Airbus said a new problem with Pratt & Whitney engines will not affect its assembly lines.

Boeing plans to raise production of the 737 Max from 31 to 38 planes a month and boost output of the larger, two-aisle 787 Dreamliner from four to five per month by year end.

The world's two leading aircraft manufacturers are benefitting as travel recovers from the pandemic and airlines place huge orders for newer, more fuel-efficient planes.

“We have more work ahead to improve performance, but our progress is clear and we’re confident in our path forward.” CEO David Calhoun said in a memo to employees. He said the company was improving the stability of operations in its factories and among suppliers.

Boeing, headquartered in Arlington, Virginia, has been beset by supply-chain problems that continued during the second quarter, including a temporary delay in 737 deliveries because of fittings on the Max and regulators’ questions about Dreamliner inspections.

Boeing said the commercial-planes