The Boeing Co. BA is a premier jet aircraft manufacturer and is also one of the largest defense contractors in the U.S. Its revenue exposure is spread across more than 90 countries around the globe.In the race for supremacy in the commercial skies, the North American jet plane maker – Boeing − has surpassed its European rival Airbus in 2015 for the fourth consecutive year. Competition between Airbus and Boeing has been characterized as a duopoly in the large jet airliner market since the 1990s.Estimates Revision & Earnings Surprise TrendBoeing’s earnings estimates revision for the first quarter has mostly been to the downside. The company witnessed 4 downward revisions over the past 30 days.Yet, it does have an impressive history in earnings season, reporting positive earnings surprises in the last four quarters with an average beat of 14.15%.Zacks Rank: Currently, Boeing has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. We have mentioned below some of the vital information from this just-revealed announcement:Earnings: Boeing missed on earnings estimates. Our consensus called for EPS of $1.81, and the company reported adjusted EPS of $1.74.Revenue: Revenues surpassed the expectations. Boeing posted revenues of $22.63 billion, compared to our consensus estimate of $21.24 billion.Key Stats to Note: Boeing ended the first quarter of 2016 with total backlog of $480 billion, down from $489 billion at 2015-end.Boeing maintained its 2016 outlook with its core earnings is expected in the range of $8.15−$8.35 per share on revenues of $93-$95 billion.Market Reaction: Shares were down about 0.86% in pre-market trading following the release, at the time of this write-up.Check back later for our full write up on this Boeing earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOEING CO (BA): Free Stock Analysis Report To read this article on Zacks.com click here.