By Pras Subramanian

Boeing (BA) posted a third quarter revenue beat and an improving cash-flow burn rate before the bell on Wednesday, as CEO Kelly Ortberg's turnaround of the troubled aviation giant rolled on.

The planemaker reported Q3 revenue of $23.27 billion compared with the $22.29 billion expected per Bloomberg consensus — higher than last quarter's $21.68 billion and a 30% jump compared with a year ago.

It posted an adjusted loss per share (core loss per share) of $7.47 vs. the $4.92 estimated, but that was attributed to a one-time charge related to the program for Boeing's latest wide-body jet, the 777X.

Boeing's adjusted free cash flow came in at negative $238 million vs. negative $884.1 million estimated, a major improvement for the company. A year ago, Boeing reported a staggering net loss of $6.17 billion, and negative free cash flow of $1.34 billion.

Operating cash flow also improved, coming in at $1.12 billion in Q3 vs. estimates of negative $197 million.

Boeing shares wavered in pre-market trading on the heels of the report.

Boeing's 777X remains behind schedule and has not yet been certified by regulators, leading to the company taking a $4.9 billion charge due to the delay. That contributed to its core loss per share this quarter, it said.

"With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month," Boeing CEO Kelly Ortberg said in a statement.

"While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company's performance and restore trust with all of our stakeholders."

Earlier this month, Boeing announced Q3 commercial deliveries hit 160 jets versus the 150 delivered last quarter and 116 delivered in the same quarter a year ago. Of Q3 deliveries, 121 were 737 Max jets (compared to 92 delivered a year ago), 24 were 787 jets (14 last year), nine 777s (four last year), and six 767s (six last year).

Selling like hotcakes? A Boeing 737 MAX aircraft is assembled at the company's plant in Renton, Wash., on June 25, 2024. (Jennifer Buchanan/Pool via Reuters/File Photo)