Aerospace giant, The Boeing Company BA, reported adjusted earnings of $2.55 per share for second-quarter 2017, beating the Zacks Consensus Estimate of $2.32 by 9.9%. In the year-ago quarter, the company had incurred a loss of 44 cents.On a GAAP basis, Boeing reported earnings of $2.89 per share against loss of 37 cents per share in the year-ago quarter.RevenuesThe company's revenues amounted to $22.74 billion in the reported quarter, missing the Zacks Consensus Estimate of $23.01 billion by 1.2%. The reported figure also declined 8.1% year over year.Total BacklogBacklog at the end of the second quarter was up to $482.2 billion from $479.5 billion at the end of first quarter. Reported backlog included $27 billion of net orders during the quarter.Quarterly Segment ResultsCommercial Airplane Segment: The segment saw a 10% decline in revenues to $15.71 billion. Operating margin for the quarter expanded 1560 basis points (bps) year over year to 10%.Boeing reported commercial deliveries of 183 planes during the reported quarter, which was down due to lower 737, 777, 787 and 767 jet deliveries. Sequentially, the numbers reflected an 8.3% growth.Delivery of the single-aisle 737 jet declined to 123 from 127 a year ago. This reduction was due to Boeing’s greater involvement in the production of a newer version of its most popular plane, the 737 MAX.Shipments of the 777 and 787 Dreamliners were 21 and 33 compared with 28 and 38 in the year-ago period, respectively. The company delivered three 767 jets compared with four in the year-ago quarter. However, shipments of 747 were three compared with two in the year-ago period.A look at Boeing’s second-quarter order details reveals that the company booked 183 net commercial orders (accounting for cancellations). This reflects an increase from the year-ago figure of 171. The figure included 95 orders for the 737, 64 for the 787, and 24 for the 777 jets.Boeing Defense, Space & Security (BDS): The segment witnessed an approximate 4% year-over-year decrease in second-quarter revenues to $6.89 billion. Revenues at all of the three sub-segments – Boeing Military Aircraft (BMA) and Network & Space Systems (N&SS) and Global Services & Support (GS&S) – recorded year-over-year deterioration of 2.5%, 7.5% and 3.2%, respectively.Operating margin for the quarter expanded 460 bps to 12.9%.Backlog at BDS was $58 billion, 37% of which comprised orders from international clients.In the defense and space business, Boeing’s deliveries totaled to 45 in the second quarter, in line with the year-ago figure. However, the reported figure was up from 42 in the preceding quarter. Total deliveries consisted of 17 AH-64 Apache helicopters (both new and remanufactured) and 11 Chinook helicopters (new and renewed). In addition, the company delivered six F/A-18s, five P-8 models, four F-15s, and two Commercial and Civil Satellites.Boeing Capital Corporation (BCC): Boeing Capital reported quarterly revenues of $72 million, compared with $84 million in the year-ago quarter. The segment’s earnings were $25 million compared with $18 million a year ago.At the end of the second quarter, BCC's portfolio balance was $3.9 billion.Boeing Company (The) Price, Consensus and EPS Surprise Boeing Company (The) Price, Consensus and EPS Surprise | Boeing Company (The) QuoteFinancial ConditionBoeing exited the second quarter with cash and cash equivalents of $8.74 billion and short-term investments of $1.59 billion. At year-end 2016, the company had $8.80 billion of cash and cash equivalents and $1.23 billion of short-term investments. Long-term debt was $10.06 billion in the second quarter, up from $9.57 billion at 2016 end.Boeing generated $7.04 billion of operating cash flow in the second quarter, up 57.8% year over year. Free cash flow was $4.51 billion in the second quarter compared with free cash of $2.52 billion in the year-ago quarter.GuidanceBoeing’s adjusted or core earnings per share expectation for 2017 are in the range of $9.80–$10.00, up from the prior guided range of $9.20–$9.40. GAAP earnings are now projected to be in the range of $11.10–$11.30 per share compared with the previous range of $10.35–$10.55.The company still expects 2017 revenues in the range of $90.5−$92.5 billion.Commercial Airplanes' 2017 delivery expectations are reiterated in the band of 760−765 airplanes with revenues projected in the range of $62.5−$63.5 billion. Operating margin is now anticipated to be more than 10.0% compared with the prior guidance in 9.5–10.0% band.The company reaffirmed its projection of 2017 defense revenues in the $28.0–$29.0 billion range with operating margin of approximately 11.5%.Boeing Capital Corp. expects the aircraft finance portfolio to remain stable. The company still anticipates its segment revenues to be approximately $0.3 billion.Boeing's 2017 R&D forecast has been reiterated at approximately $3.6 billion. Capital expenditures for 2017 are now expected to be approximately $2.0 billion compared with the previous guidance of $2.3 billion.Zacks RankBoeing currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.At Its PeersLockheed Martin Corp. LMT reported second-quarter 2017 earnings from continuing operations of $3.23 per share, beating the Zacks Consensus Estimate of $3.10 by 4.2%. Earnings also surpassed the year-ago period’s bottom-line figure by 10.2%.Textron Inc. TXT reported second-quarter 2017 adjusted earnings from continuing operations of 60 cents per share, beating the Zacks Consensus Estimate of 55 cents by 9.1%.Northrop Grumman Corp. NOC reported second-quarter 2017 earnings of $3.15 per share, beating the Zacks Consensus Estimate of $2.84 by 10.9%. Reported earnings were also up 10.5% from $2.85 recorded in the year-ago quarter.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>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 Northrop Grumman Corporation (NOC): Free Stock Analysis Report Boeing Company (The) (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here.