The Chicago-based company reported adjusted earnings of $3.58 a share, topping analysts' estimates of $3.47. Revenue of $25.1 billion also beat expectations of $23.89 billion, according to FactSet. The third-quarter revenue growth was driven by higher defense volume and services growth, Boeing said.
Total backlog grew to $491 billion, including more than 5,800 commercial airplanes valued at $413 billion. The backlog for the defense, space and security business unit was $58 billion, of which 31% represented orders from customers outside the U.S.
Boeing's full-year revenue guidance increased by $1 billion to a range of $98 billion and $100 billion, compared to Wall Street's forecast of $98.48 billion. The company also raised its full-year adjusted earnings outlook to a range of $14.90 and $15.10 a share, up from its prior forecast of $14.30 and $14.50 a share.
"During the quarter we captured important new defense business, winning and investing in the MQ-25 and T-X programs and securing the MH-139 contract, clearly demonstrating the value Boeing brings to customers while positioning us well for future growth opportunities," said Boeing Chairman and Chief Executive Officer Dennis Muilenburg. "Our Global Services business continues to deliver on total lifecycle value to our customers, with key wins in the quarter including P-8 Poseidon training contracts for the U.S. Navy and Royal Australian Air Force and an order from GECAS [GE Capital Aviation Services] for 20 737-800 Boeing Converted Freighters."
Shares of Boeing rose 1.3% to $354.65. The stock has gained about 20% year to date.