NEW YORK (TheStreet) -- Boeing reports better-than-expected first-quarter earnings, boosted by faster production of commercial jets.
Boeing (BA) reported better-than-expected first-quarter earnings on Wednesday, boosted by an increase in commercial jet production.
Boeing reported core earnings of $1.76 a share, handily beating the mean analyst estimate of $1.56, according to Thomson Reuters. Shares of Boeing climbed on the news, which was welcome to investors after the company issued a conservative full-year forecast in January.
Boeing said that 161 new planes rolled off assembly lines during the period, more jets than the 137 it delivered during the same period a year ago. That includes 18 787 Dreamliner jets during the quarter, a big jump from the single Dreamliner it delivered last year when the fleet was grounded over issues with its lithium-ion batteries.
The company also repurchased 19.4 million shares for $2.5 billion during the quarter, after authorizing its largest buyback plan in its history in December for $10 billion.
At last check, shares of Boeing were climbing more than 2% to $130.22.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.