Boeing crushes earnings expectations, lowers guidance

Boeing zoomed past estimates for second-quarter earnings and revenues and lowered its guidance for the rest of the year.

Before the market open on Wednesday, the company reported an 11% increase in revenues to $24.5 billion due to "record commercial deliveries." Adjusted earnings came in at $1.62 per share.

According to Bloomberg, the consensus was for adjusted EPS of $1.37 per share on revenues of $24.3 billion.

In premarket trading, Boeing shares rose 1%. The stock is up 12% year-to-date.

The company bumped down its guidance for EPS to a range of $7.70 - $7.90, from $8.20 - $8.40.

CEO Dennis Muilenburg said in the earnings statement: "Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter."

"Strong operating performance across our commercial and defense production programs partially offset the tanker charge and enabled us to maintain our commitments to return cash to our shareholders and invest in innovation and our people."

Revenues from commercial airplane deliveries rose 18% to $16.9 billion.