Boeing Beats Earnings Estimates, Analyst Sees Pockets of Weakness

Shares of Boeing are higher on Wednesday after the company reported an 18% increase in quarterly profit and raised its full-year earnings forecast. Boeing reported earnings of $1.36 billion, or $1.86 a share, for the quarter, up from $1.16 billion, or $1.51 a share, a year ago. Revenue rose 7% to $23.8 billion. Boeing chairman and chief executive officer Jim McNerney attributed the results to strong operating performance across the company's production and services businesses. He said Boeing's order backlog was able to reach a record $490 million as a result. However, J.P. Morgan analyst Joseph Nadol noted that the earnings beat was driven by defense and not all of the news was encouraging. He said this could dampen the stock's reaction. TheStreet's Brittany Umar reports from New York.