A 787 airplane during the manufacturing process at the Boeing facility in Everett, Washington.

Boeing on Wednesday reported a smaller-than-expected loss, sending its shares up 3 percent in early trading.

The loss of 44 cents a share in so-called core results, which excludes some pension and other expenses, was about half the 93-cent loss that analysts expected, on average, according to Thomson Reuters I/B/E/S.

The world's largest plane maker also reported $3.2 billion in cash flow in the quarter, down 2 percent from a year ago, but better than some analysts had expected.

"The Street's looking positively on the results because the loss was less than anticipated," said Jeff Windau, an analyst at Edward Jones in St. Louis.

Shares rose as high as $139.39 before easing to $137.53, up 2 percent on the New York Stock Exchange.

The loss reflects $3.23 per share in charges announced last week stemming from reclassification of 787 plane costs and unexpected expenses for the 747 jetliner and the KC-46 refueling tanker programs.

Revenue rose 1 percent to $24.8 billion, compared with estimates of $24.5 billion.

Boeing's underlying performance came from increased deliveries of twin-aisle commercial aircraft, and better profitability in its defense, space and security business. While revenue in the unit fell 5 percent, profit rose 9 percent.

Boeing adjusted its full-year forecast to account for the one-time charges. It is now targeting earnings of $6.40 to $6.60 a share in 2016, down from $8.45 to $8.65. Adjusted earnings are expected to be $6.10 to $6.30, down from $8.15 to $8.35.

Boeing's delivery of jets rose about 1 percent in the quarter from a year ago.

Deliveries of twin-aisle 787s and 777s were up about 12 percent and 8 percent, respectively. But the company is delivering fewer 737s as it begins production of the successor 737 MAX jet. Those deliveries are expected to rise next year once the new plane is certified and begins service.