Boeing Co. (NYSE: BA) reported second-quarter 2014 results before markets opened Wednesday. The aerospace company posted adjusted diluted earnings per share (EPS) of $2.42 on revenues of $22.05 billion. In the same period a year ago, the company reported EPS of $1.67 on revenues of $21.82 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $2.01 and $22.23 billion in revenues.

Boeing increased its EPS guidance for the 2014 fiscal year from a prior range of $7.15 to $7.35 to a new range of $7.90 to $8.10. The company expects full-year revenue in the range of $87.5 billion to $90.5 billion. The consensus estimates for 2014 before this report called for EPS of $7.67 on revenues of $89.76 billion.

Boeing also increased its original 2014 forecast at the end of the first quarter. The increase reflects a second-quarter tax benefit of $408 million, a charge of $272 million for added cost on the company’s KC-46A tanker program, and what Boeing called “strong operating performance.” Boeing also enjoyed a benefit of $116 million on another tax settlement from 2007-2008.

Boeing delivered 181 new commercial aircraft in the second quarter, down from 191 deliveries in the first quarter, and it took orders for a net 264 more planes, up from 235 orders in the prior quarter. Operating margin rose by 0.1% to 10.8% compared with the first quarter a year ago. Earnings from commercial aircraft sales rose by 7% in the quarter.

The forecast for commercial aircraft deliveries in 2014 was affirmed at 715 to 725.

Boeing’s CEO said:

Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported $1.5 billion in additional share repurchases in the quarter. … With 783 new commercial airplane orders to date this year and significant contracts in the quarter for military aircraft and satellites, our backlog remains large and diverse. Overall, our strong first-half financial performance, sustained focus on growth and productivity, and positive market outlook support our increased earnings guidance for the year.

The company’s order backlog at the end of the quarter totaled $440 billion, down slightly from a record $441 billion at the end of the fourth quarter of 2013.

Boeing shares were up about 2% in premarket trading Wednesday to $131.89, in a 52-week range of $101.77 to $144.57. The consensus target price for the shares was around $154.00 before the report.

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