Boeing Co. (BA:US) today lowered its annual target for 737 aircraft deliveries due to quality issues affecting its top-selling model. 

In the third quarter, the company reported a negative adjusted free cash flow of $310 million, which exceeded the estimated negative free cash flow of $252.6 million.

Despite the miss, Boeing shares rose on Wednesday.

Revenue was $18.10 billion, matching the average analyst estimate. Commercial Airplanes revenue reached $7.88 billion, just ahead of the estimate of $7.47 billion. However, Defense, Space & Security revenue was $5.48 billion, missing the consensus of $6.05 billion. Global Services revenue was $4.81 billion, just above the expected $4.74 billion. 

"We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term," said Dave Calhoun, Boeing president and chief executive officer. 

"We are focused on driving stability in our supply chain and improving operational performance as we steadily increase production rates to meet strong demand.”

Operating cash flow was $22 million, falling short of the estimate of $448.2 million. The core loss per share was $3.26, while the backlog now stands at $469 billion.

Boeing reaffirmed guidance as it continues to reach $4.5 billion to 6.5 billion of operating cash flow and $3 billion to $5 billion of adjusted free cash flow.

The company also maintained its expectations to deliver 70-80 787. However, it now expects to deliver 375-400 737 airplanes.

“The 787 program is now transitioning production to five per month and plans to increase to 10 per month in the 2025/2026 timeframe,” he added.

Congressman Bill Keating was buying Boeing shares last month, taking advantage of a recent move lower in shares.