Travel is up in the air again. This time it’s good news for Boeing. The US aerospace group burnt through cash flow of just $507m during the third quarter, compared with negative free cash flow of $5bn in the same period a year ago. An increase in commercial aeroplane deliveries and demand for aircraft maintenance services have also helped the company to narrow its losses.

These both bring a welcome change. Over the past two years, Boeing has lurched from one crisis to another. Its 737 Max airliners were grounded following two fatal crashes. Its wide-body 787 was also hit by production issues followed by the collapse in air travel during the pandemic.

Though Boeing still has a long way to go before it can reclaim its former glory, its shares price shows plenty of optimism. After a one-third rally in its price over the past year, the stock now trades at 35 times 2022 earnings. Arch-rival Airbus has a multiple of just 21 times.