Boeing Co. CEO Kelly Ortberg said he’s optimistic the company can return to a closely watched production target for its all-important 737 airliner this year, a key milestone to turning a corner after reporting the second-worst annual loss in its history.

Barring any unforeseen setback, Ortberg hopes by midyear to boost output of its 737 aircraft beyond the 38-jet monthly pace capped by the Federal Aviation Administration a year ago as it delved into quality breakdowns.

“All those metrics are trending in the right direction for us to have a successful authorization to move beyond 38 a month,” Ortberg said in an interview Tuesday. “I would say that overall, I’m pretty pleased with where we are.”

The U.S. planemaker’s dismal fourth-quarter results, much of which it announced late last week, underscore the urgency for Ortberg to pull Boeing out of a six-year nose dive. The company burned through a total of $14.3 billion of free cash during a calamitous year marked by near-catastrophe on an airborne 737 Max, leadership turmoil, federal investigations and a lengthy factory workers strike.

The adjusted loss per share was $5.90 for the quarter, worse than the $3.07 loss that analysts had expected, according to data compiled by Bloomberg. For the year, the company lost $20.38 per share, one of the worst showings in its history, and Boeing’s sixth straight annual deficit.

Boeing expects to burn through cash during the first quarter at a similar pace to the final three months of 2024. The outflows will eventually turn positive as the year progresses and its assembly lines speed up, Brian West, the company’s chief financial officer, said during an earnings conference call.

During the call, the planemaker’s executives mapped out a financial comeback in 2025, pointing to signs that it was already under way. The upbeat commentary buoyed Boeing’s shares, which rose as much as 7.6%, the biggest intraday gain since July 2023.

Past efforts to ramp up 737 production this decade have been hampered by late or defective parts from suppliers, as well as work done out of sequence on its assembly lines. This time, the measures are trending in the right direction, Ortberg said.

“Things look encouraging so far,” Ortberg said. While Boeing has much work to do in its factories, the CEO raised the possibility of reaching a pace of 42-jets-a month for the 737 before year-end, without putting exact dates on the ramp up plans.

Boeing has completed its review of assets that it plans to sell or jettison, Ortberg said, and the actions would play out over the next few months or year. In some instances Boeing will look to sell non-core businesses as part of a broader exercise that the CEO described as “pruning.” On projects where it is unable to find a buyer, the company might not bid on the next phase, he said.

The possible divestments include the Jeppesen navigation unit, which is attracting major aviation suppliers and private equity suitors and could fetch $6 billion to $8 billion for Boeing, people familiar with the talks have said.