Boeing Co. (BA)  blasted fourth quarter earnings estimates Wednesday and said it sees record plane deliveries in 2019, sending shares sharply higher to the top of the Dow Jones Industrial Average

Boeing said earnings for the three months ending in December came in at $5.48 per share, a 79% increase from the same period last year and smashing the Street forecast by more than $1 per share. Group revenues were largely in-line at $28.34 billion.

Looking into 2019, Boeing sees record commercial airplane deliveries of between 895 and 905 aircraft, the company said, up from 805 last year. while group revenues will like hit a range of $109.5 billion to $111.5 billion, well ahead of the consensus forecast of $106 billion. With margins improving to at least 10.5%, Boeing hinted, earnings should come within a range of $19.90 to $20.10, firmly ahead of the Refinitiv forecast of $18.30 per share.

"Across the enterprise our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018," said CEO Dennis Muilenburg. "Our financial performance provided a firm platform to further invest in new growth businesses, innovation and future franchise programs, as well as in our people and enabling technologies."

"In the last 5 years, we have invested nearly $35 billion in key strategic areas of our business, all while increasing cash returns to shareholders," he added.

Boeing shares rose 6.3% on Wednesday to close at $387.72, a move that would extend the stock's three month gain to about 15.5% and value the Chicago, Illinois-based group at just under $220 billion.