The Boeing Co. (BA - Free Report) is a premier jet aircraft manufacturer and is also one of the largest defense contractors in the U.S. Its revenue exposure is spread across more than 90 countries around the globe.

In the race for supremacy in the commercial skies, the North American jet plane maker – Boeing − has surpassed its European rival Airbus in 2016 for the fifth consecutive year. Competition between Airbus and Boeing has been characterized as a duopoly in the large jet airliner market since the 1990s.

Estimates Revision & Earnings Surprise Trend

Boeing’s earnings estimates revision for the third quarter has increased by a penny over the past 7 days.

It also have an impressive history in earnings season, reporting positive earnings surprises in the last four quarters with an average beat of 13.67%.

Zacks Rank: Currently, Boeing has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. We have mentioned below some of the vital information from this just-revealed announcement:

Earnings: Our consensus called for earnings of $2.65 and the company reported adjusted earnings per share of $2.72.

Revenue: Revenues surpassed the expectations. Boeing posted revenues of $24.31 billion, compared to our consensus estimate of $24.06 billion.

Boeing Company (The) Price and EPS Surprise

Boeing Company (The) Price and EPS Surprise | Boeing Company (The) Quote

Key Stats to Note: Boeing ended the third quarter of 2017 with total backlog of $474 billion, down from $482 billion at second-quarter end.

Boeing increased its 2017 outlook with its core earnings expected in the range of $9.90-$10.10 compared to the previous guided range of $9.80-$10.00. Its revenue forecast is reiterated in the range of $90.5-$92.5 billion.

Market Reaction: Shares were down about 1.66% in pre-market trading following the release, at the time of this write-up.