Boeing Co's (BA.N) net profit soared 38 percent in the first quarter, helped by rising production of commercial aircraft, the company said on Wednesday.

Net income rose to $1.34 billion, or $1.87 per share, from $965 million, or $1.28 per share, a year earlier. [ID:nPn6pndFc]

Boeing's profit rose 19 percent per share after adjusting for a charge of 29 cents a share a year ago related to changes in the company's retirement plan.

Core earnings, which exclude pension and other costs, rose to $1.97 per share from $1.76.

Revenue jumped 8 percent to $22.15 billion, helped by a 14 percent increase in commercial aircraft deliveries, to 184 aircraft.

Free cash flow, a closely watched figure, swung to a negative $486 million in the quarter from a positive $615 million a year ago due to significant spending on factories and tooling for new aircraft models being introduced in the next few years.

Boeing reaffirmed its outlook of producing more than $9 billion in operating cash flow this year. The company also said it spent $2.5 billion on share buybacks in the latest quarter.

Deferred production costs for the 787 Dreamliner rose by $793 million, nudging the total deferred production cost balance to $26.9 billion, Boeing said.