Investing.com -- Boeing Co. (NYSE: BA) reported a narrower-than-expected first-quarter loss as the aerospace manufacturer delivered more commercial aircraft and improved operational performance, sending shares up 3.5% following the results.

The company posted an adjusted loss per share of -$0.20, beating analyst estimates of -$0.66. Revenue climbed 14% YoY to $22.2 billion from $19.5 billion, exceeding the consensus estimate of $21.99 billion. The revenue increase primarily reflected 143 commercial deliveries, up from 130 in the year-ago quarter. Adjusted free cash flow was negative $1.45 billion, better than the estimated negative $2.61 billion.

"We're building on our momentum with a strong start to the year and growing record-breaking backlog across our business, while supporting our customers with inspiring missions like Artemis II," said Kelly Ortberg, Boeing president and chief executive officer.

The company's total backlog reached a record $695 billion, including over 6,100 commercial airplanes. Commercial Airplanes revenue rose 13% to $9.2 billion, though the segment posted an operating loss of $563 million. The 737 program continues producing at 42 aircraft per month, while the 787 program stabilized at eight per month. Boeing expects certification of the 737-7 and 737-10 in 2026, with first deliveries anticipated in 2027.

Defense, Space & Security revenue jumped 21% to $7.6 billion with operating margins of 3.1%, up from 2.5% a year earlier. Global Services revenue increased 6% to $5.4 billion with operating margins of 18.1%.

Operating cash flow was negative $179 million, compared to negative $1.6 billion in the prior-year quarter. Cash and marketable securities totaled $20.9 billion at quarter-end, down from $29.4 billion at the end of the fourth quarter, reflecting debt repayments and free cash flow usage.