Boeing Co (BA  ) shares are rising following the company's fourth-quarter 2023 results. CEO Dave Calhoun underscored a firm commitment to improving quality and acknowledged the significant contributions of insights from employees working on the 737 line.

The company reported a fourth-quarter revenue increase of 10% year-over-year to $22.02 billion, beating the consensus of $21.10 billion. Revenue increase reflects 157 commercial deliveries in the quarter.

Adjusted loss per share contracted to $(0.47) from $(1.75) in same quarter 2022, beating the consensus of $(0.78).

BA recorded adjusted operating income of $90 million for the quarter, compared to loss of $642 million a year ago. Operating margin was 0.4%.

Commercial Airplanes revenue increased by 13% Y/Y to $10.48 billion, and deliveries rose by 3%. During the quarter, Commercial Airplanes booked 611 net orders, and the backlog included over 5,600 airplanes valued at $441 billion.

Recently, Boeing decided to withdraw a crucial safety exemption request for its 737 MAX 7 and 10 models, potentially leading to further delays in the aircraft's certification process. This decision comes in the wake of growing safety concerns, highlighted by a recent in-flight incident involving a 737 MAX 9 jet operated by Alaska Airlines (ALK  ).

The situation surrounding Boeing's safety issues has elicited varied responses. Reports indicate that United Airlines (UAL  ) is in talks with Airbus SE (EADSY  ) about possibly adding more A321neo jets to their fleet, a strategy that could counterbalance the impact of the Boeing 737 Max 10's delayed arrival.

Contrastingly, passengers of Ryanair Holdings Plc (RYAAY  ) are reportedly unfazed about flying on Boeing 737 aircraft, despite the grounding of several 737 MAX jets.

The 737 program production rate is now at 38 per month. The 787 program production rate is now at five per month.

Defense, Space & Security revenue increased 9% Y/Y at $6.75 billion. The backlog was $59 billion, of which 29% represents orders from customers outside the U.S.

Global Services revenue grew by 6% Y/Y to $4.85 billion. The operating margin expanded 350 bps to 17.4%, reflecting higher commercial volume and mix.

Operating cash flow for the quarter totaled $3.4 billion, compared to 3.46 billion YoY; Free cash flow was $2.95 billion.

Cash and investments in marketable securities totaled $16 billion, at the end of the quarter. The total company backlog was $520 billion.

Outlook: Boeing CEO Calhoun says, "while we often use this time of year to share or update financial & operational objectives, now is not the time for that."

"I am absolutely convinced that we've got this plug issue completely under control," Calhoun tells on CNBC.

Price Action: BA shares are trading higher by 3.3% at $207.10 on the last check Wednesday.