The Boeing Company (BA  ) reported a strong start to the year on Wednesday, with first-quarter revenue of $22.22 billion, up 14% year over year and above the $21.78 billion estimate, with shares trading higher following the results.

Earnings And Cash Flow Update

Adjusted loss per share of 20 cents came in significantly better than the expected 84-cent loss, while GAAP loss per share was 11 cents.

Core operating earnings rose 47% to $293 million, with core operating margin improving to 1.3%.

Results reflected 143 commercial deliveries and improved operational performance.

Operating cash flow came in at a negative $0.2 billion, while non-GAAP free cash flow was negative $1.5 billion.

Cash and marketable securities totaled $20.9 billion, down from $29.4 billion at the start of the quarter due to debt repayments and free cash flow usage, while total debt stood at $47.2 billion.

Total backlog increased to a record $695 billion.

Commercial Airplanes

Commercial Airplanes revenue rose 13% to $9.2 billion, with an operating margin of (6.1)%, as deliveries increased 10% to 143 aircraft.

The segment booked 140 net orders, including deals with Aviation Capital Group, Delta Air Lines, Inc. (DAL  ), and Air India, and ended the quarter with a backlog of over 6,100 airplanes valued at a record $576 billion.

The 737 program is producing at 42 per month, while the 787 program is stabilizing at eight per month.

Boeing expects certification of the 737-7 and 737-10 in 2026, with first deliveries in 2027, and anticipates the 777X's first delivery in 2027.

Defense, Space & Security

Defense, Space & Security revenue grew 21% to $7.6 billion, with operating margin improving to 3.1% on higher volume and operational stability.

The segment secured a seven-year PAC-3 Seeker agreement and expanded its partnership with Rheinmetall, while backlog reached a record $86 billion.

Global Services

Global Services revenue increased 6% to $5.4 billion, with an operating margin of 18.1%, reflecting higher government volume and the impact of the Digital Aviation Solutions divestiture.

The segment ended the quarter with a record backlog of $33 billion and secured a Landing Gear Exchange Program agreement with Singapore Airlines Group.

Outlook

CEO Kelly Ortberg said, "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."

Boeing said it is increasing production and maintaining focus on safety and quality.

BA Price Action: Boeing shares were up 2.93% at $225.58 at the time of publication on Wednesday, according to Benzinga Pro data.