NEW YORK (TheStreet) -- Shares of Boeing(BA) - Get Report rose on Wednesday after the company reported quarterly results that beat analysts' expectations.

On Wednesday afternoon, the stock traded at $146.36, up $1.36. Earlier in the day, it spiked as high as $149.18.

Boeing said it earned $1.1 billion, or $1.59 a share, in the second quarter, down from $1.6 billion, or $2.24 a share, a year ago. Revenue rose 11% to $24.5 billion. Analysts were expecting earnings of $1.37 a share on revenue of $24.2 billion, according to Thomson Reuters.

The company said its earnings were hampered by a $536 million after-tax charge tied to its military-tanker program. The company reported a 9% increase in commercial airplane deliveries. Revenue in the commercial airplanes segment rose 18% to $16.9 billion.

"Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter," Boeing President and CEO Dennis Muilenburg said in a statement.

"Strong operating performance across our commercial and defense production programs partially offset the tanker charge and enabled us to maintain our commitments to return cash to our shareholders and invest in innovation and our people," he added.

Muilenburg said the company's outlook for the second half of the year remains positive. Boeing lowered its 2015 earnings forecast, however. The company now expects core earnings of $7.70 to $7.90 a share for the year, down from its prior forecast of $8.20 to $8.40 a share.

"We have a clear understanding of the work to be done, and we are confident that the long-term financial value of the program will reward our additional investment. With our sustained focus on productivity and growth, we will continue to profitably deliver on our large and diverse backlog, capture new orders, and deliver increasing value to all of our stakeholders," Muilenburg said.