Bottom line: Boeing shares are in a new bull market trend with a 12-month price target of $300.

Boeing slashed its quarterly losses as sales jumped after it delivered the most airplanes since 2018. The aerospace giant lost $176 million in the three months ended June 30, down from $1.09 billion a year earlier.

Boeing ( NYSE: BA) posted a narrower-than-expected loss in the second quarter and delivered revenue growth in another sign of progress in its operational turnaround. Shares rose 2.7% in premarket trading Tuesday after the aerospace giant beat Wall Street estimates on both adjusted earnings and revenue.

Boeing’s second-quarter loss narrowed and revenue improved as the aircraft manufacturer delivered more commercial planes in the period.

Approximately 3,200 Boeing employees who build fighter aircraft and munitions could strike as soon as next week.

Boeing Co. managed to slow a cash outflow in the second quarter, indicating that a turnaround initiated by Chief Executive Officer Kelly Ortberg a year ago is paying off as the company delivers more aircraft.

Boeing reported second quarter earnings on Tuesday that topped expectations and stemmed the tide of cash burn that has plagued the company since early last year as CEO Kelly Ortberg continues his turnaround of the beleaguered jet maker.