Before the markets open on Wednesday morning, Boeing Co. (NYSE: BA) will report second-quarter 2015 results. Consensus estimates call for adjusted earnings per share of $1.42 on revenues of $24.22 billion. In the second quarter last year, Boeing put up earnings per share of $2.42 on revenues of $22.04 billion.

Until Boeing can actually show that it can sell a 787 Dreamliner for more than it costs to build one, this is a key metric to watch. Production losses for the 787 program reached a total of nearly $27 billion in the first quarter, and while analysts expect that number to rise at least through the end of this year, the increases should begin to moderate.

Boeing delivered 197 commercial aircraft in the second quarter, an increase of 16 compared with the same period last year. Of that total, 34 were 787s, and in June, for the first time, Boeing delivered more 787-9s (six) than 787-8s (four). Because the 787-9 carries a list price about $40 million higher than the smaller 787-8, this is good news for Boeing.

The defense, space and military division just announced a $536 million charge related to issues with the KC-46A tanker that Boeing is building for the U.S. Air Force. The program has rung up about $1.2 billion in cost overruns so far, and Boeing has been forced to eat the charges on this fixed-price contract.

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Looking ahead, Boeing’s new chief executive, Dennis Muilenburg, is likely to offer some encouraging words on Boeing’s bid with partner Lockheed Martin on the $90 billion Joint Strike Bomber contract. A winner is expected to be announced by the end of the third quarter.

Boeing also may say something about its 777 orders. The company announced a new order Tuesday morning for four of the freighter versions of the plane from Taiwanese airline EVA Air. The company needs to add about 40 to 60 orders annually for the current version of the 777 in order to keep the production line running. The new version of the plane, the 777X, is not scheduled for first deliveries to customers until 2020.

The final thing to watch for is cash flow. Boeing continues to say that it will meet its cash flow target of $9 billion for the full fiscal year, but cash flow from operations totaled just $88 million in the first quarter. In the fourth quarter of 2014, Boeing posted cash flow from operations of nearly $5 billion, and most analysts believe the company accelerated some payments due. That is one of those things that cannot go on forever, so it definitely won’t. For investors, if Boeing wobbles on its cash flow projections, that would be the worst possible news out of the quarterly report.

Boeing’s stock traded down about 1.5% Tuesday morning, at $144.55 in a 52-week range of $116.32 to $158.83. The current consensus price target on the stock is $163.55.

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