What happened Following the release of the aircraft manufacturer's second-quarter earnings, shares of Boeing (NYSE: BA) were up 8.2% as of 12:15 p.m. EDT. So what Boeing just flew in a monster load of Q2 profits. As the company reported this morning, fiscal second-quarter profits of $2.89 per share were infinitely better than the $0.39 per share Boeing reported losing in last year's fiscal Q2. For the first half of this year, Boeing's GAAP profits of $5.22 per share are running roughly 2.5 times ahead of the $1.51 per share than Boeing had earned by this time last year. That said, Q2 revenue of $22.7 billion was down 8.5% year over year, while H1 revenue of $43.7 billion is down 8.2% against last year's first half. Relative to Wall Street's estimates, Boeing beat on earnings (analysts were looking for profits of $2.32 per share) but missed on revenue (analysts had predicted Boeing's sales would exceed $23 billion). Boeing shares take flight. Image source: Getty Images. Now what Despite the revenue miss, Boeing maintained its guidance for full-year sales of $90.5 billion to $92.5 billion. With profits rolling in stronger than expected, meanwhile, Boeing raised its guidance for full-year earnings. The aerospace giant now expects to earn anywhere from $11.10 to $11.30 per share this year, up about $0.75 per share from previous expectations. This story only gets better as we turn to Boeing's cash flow statement. In Q2, Boeing generated $5 billion in operating cash flow (55% better than in last year's Q2), and spent only $439 million of it on capital investment. This left Boeing with positive free cash flow of $4.5 billion for the quarter, and brought H1 FCF up to $6.1 billion -- twice the amount of cash profit Boeing had generated by this time last year. Management now expects to generate $12.25 billion in operating cash flow by year-end, invest $2 billion of that in capital expenditures, and thus generate positive free cash flow in excess of $10.2 billion by year-end. At a market capitalization of only $138.8 billion -- only 13.6 times free cash flow -- I'm sticking with my previous recommendation: Profitable and growing more so by the day, Boeing stock is a bargain. 10 stocks we like better than BoeingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Boeing wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of July 6, 2017Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.