Boeing narrows third-quarter loss as defense sales rise, but focus remains on 737 Max production

Boeing narrowed its loss in the third quarter after defense sales rose, but CEO Kelly Ortberg told staff that the manufacturer has "more work to do."

Here's what Boeing reported for the third quarter compared with what Wall Street analysts are expected, according to consensus estimates from LSEG:

Loss per share: 34 cents adjusted vs. a loss of 21 cents expected

Revenue: $24.19 billion expected vs $23.84 billion expected.

For the three months ended Sept. 30, Boeing reported a net loss of $116 million, or 26 cents a share, compared with a $5.34 billion loss, or $7.14 per share, a year earlier. Adjusting for one-time items, the company reported a loss of 34 cents a share. Revenue climbed 4% on the year to $24.19 billion.

Boeing's defense business revenue rose 15% in the third quarter from a year earlier to $7.94 billion.

The plane manufacturer's executives are set to update investors on how quickly it can increase aircraft production in the coming months when it holds a quarterly earnings call on Tuesday at 10:30 a.m. ET.

Boeing has been producing about 47 of its 737 Max planes a month, but is aiming for more. CEO Kelly Ortberg told investors last month that production is taking "a little bit longer" than expected to stabilize, and the company expects to increase its output of the planes next year.

"Looking ahead, expectations are rising, and they should," Ortberg said in a note to staff on Tuesday. "That means elevating our performance through lean, productivity and efficiency improvements in our day-to-day work while upholding our high levels of safety and quality."

Aircraft production and deliveries are key to Boeing's recovery since the bulk of an aircraft's price is paid when the customer receives it.

Boeing had taken a nearly $5 billion charge on its long-delayed 777X aircraft program.

But the manufacturer had some wins lately. The U.S. Navy tapped Boeing to develop its next-generation fighter jet.