Boeing‘s jetliner deliveries drove it back into cash-positive territory for the first time in nearly two years but it took a massive charge on its long-delayed 777X wide-body plane.

Boeing is on track to deliver the most aircraft this year since 2018, before two crashes grounded its best-selling jetliner, the Covid pandemic hit supply chains and a host of manufacturing crises drove years of losses at the top U.S. exporter.

“While there’s still more work to do to advance our development programs, particularly on our
commercial development and certification programs, we’re seeing positive signs across our business, and I’m proud of how we are coming together to turn our company around,” CEO Kelly Ortberg said in a staff note.

Here’s how Boeing performed for the third quarter based compared with analysts’ estimates compiled by LSEG:

• Loss per share: $7.47 per share adjusted vs. a loss of $4.59 expected
• Revenue: $23.27 billion vs. $21.97 billion expected

Revenue jumped 30% to $23.27 billion for the third quarter, up from $17.84 billion a year ago.

Ortbergan aerospace veteran who came out of retirement to helm Boeing in August 2024, has worked to steady the manufacturer’s sprawling supply chain and cash-generating production lines.

Airline customers have said they’ve seen an improvement at Boeing, with more accurate delivery projections, a change in tune from the complaints of prior years.

In the first nine months of the year, Boeing delivered 440 airplanes, up from 291 in the same period last year. Airlines and other customers pay for the bulk of the planes when they receive them, so increasing the delivery pace is key for Boeing to stem an outflow of cash totaling close to $17 billion since the start of 2024 through June of this year.

Last year was supposed to be a turnaround year for Boeing, but a midair blowout of a door panel in January 2024 resulted in a near catastrophe and increased federal scrutiny that slowed production.

But Boeing has made progress. Earlier this month, the Federal Aviation Administration lifted a production cap for Boeing’s 737 Max to 42 a month from 38, a restriction it put in place after the accident.

The FAA is also now allowing Boeing to perform final signoffs on some of its aircraft, a sign of increased confidence from its regulator.

The company isn’t out of the woods yet. Its Max 7 and Max 10 variants and the 777X are years behind schedule and haven’t yet won regulator approval. And about 3,200 of its defense unit workers who make F-15 fighter jets and missile systems have been on strike since the summer as the two sides have yet to reach a new contract.

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