The Boeing Co. (BA) is a premier jet aircraft manufacturer and is also one of the largest defense contractors in the U.S.

In the race for supremacy in the commercial skies, the North American jet plane maker – Boeing − has surpassed its European rival Airbus in 2014 for the third consecutive year as the final delivery numbers are now in for the 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

Investors should note that the fourth quarter estimate for Boeing has moved slightly higher over the last 90 days.

Moreover, it does have an impressive history in earnings season, reporting positive earnings surprises in the last four quarters with an average beat of 15.38%.

Zacks Rank: Currently, Boeing has a Zacks Rank #2 (Buy). 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: Boeing beat on earnings. Our consensus called for EPS of $2.07, and the company reported EPS of $2.31 (these figures take out stock option expenses).

Revenue: Revenues also surpassed expectations on higher deliveries. Boeing posted revenues of $24.5 billion, compared to our consensus estimate of $23.8 billion.

Key Stats to Note: Boeing ended 2014 with $502.3 billion of backlog, up from $440.9 billion as on Dec. 31, 2013.

Market Reaction: Shares were up 3.98% in pre-market trading following the release, at the time of this write-up.

Update: Read our more detailed analysis at Zacks.com