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Boeing Co. (BA) - Get Boeing Company Report , the best performing stock in the Dow Jones Industrial Average so far this year, fell 1% following its third-quarter earnings report on Wednesday, Oct. 25.

Results were "relatively dull," said Vertical Research analyst Robert Stallard in a note, as the aircraft manufacturer beat earnings estimates and modestly raised its full-year guidance.

Meanwhile, analysts at JPMorgan said, "The stock has performed well ... and so it is not clear that modestly higher guidance will drive much outperformance today."

Boeing said that excluding items it earned $2.72 a share. Analysts surveyed by FactSet had estimated $2.65. Net income including items was $1.85 billion, or $3.06 a share, down from $2.28 billion, or $3.60 a share, a year earlier. Revenue rose 2% to $24.31 billion.

Boeing boosted its full-year earnings per share guidance to between $11.20 and $11.40, citing strong deliveries, services and delivery mix and "overall solid execution." Previous guidance was between $11.10 and $11.30 a share. Boeing boosted "core" or non-GAAP guidance to between $9.90 and $10.19 a share from $9.80 to $10 a share.

Boeing shares have rise more than 69% this year.

The biggest development in the earnings report, Stallard said, was that for the first time Boeing reported results from a third division, Global Services, formed from the combination of aftermarket activities in Commercial Aircraft and Defense, Space & Security. "It has messed up all the divisional comparisons this quarter," he said.

Referring to the earnings call, scheduled for 10:30 a.m. ET, Stallard wrote, "In the absence of excitement, we expect the topics of the day to be the usual issues of future cash generation, cash deployment and progress on key programs like the 787, the 737 MAX, the 777X and maybe even the KC-46.

During the third quarter, Boeing delivered a record 202 commercial orders including two dozen 737 MAX Boeing aircraft. It also booked $6 billion in new defense orders.

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Commercial airplane revenue totaled $14.98 billion, down 1% from the same period a year earlier. But earnings in the segment rose 15% to $1.48 billion. Segment margin was 9.9%, up from 8.5% a year earlier.

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Defense Space & Security revenue fell 5% to $5.47 billion, and segment earnings fell 1% to $559 million. Operating margin was 10.2%, down from 9.8%.

Global services revenue was $3.6 billion, up 2%. Segment earnings were $506 million, down 3%. Operating margin was 14.2%, down from 14.9%.

During the quarter, Boeing repurchased 11 million shares for $2.5 billion, leaving $6.5 billion remaining under the current repurchase authorization.

Total company backlog at quarter-end was $474 billion, including orders for 5,700 commercial aircraft.

This story has been updated from 8:12 a.m. ET.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.