Airlines may still have meager earnings to share, but at least one airplane manufacturer is back on the rise. Boeing announced on Wednesday that overall revenue beat analyst estimates, up 8 percent to $15.37 billion, from $14.26 billion a year ago. Net income rose to $877 million, or $1.13 a share, up from $692 million, or 88 cents a share, a year earlier.

Analysts had expected revenue of $15 billion and earnings of $1.06 a share, according to Bloomberg News.

The nation's second-largest maker of airplanes splits revenue about evenly between commercial sales and defense contracts, and the two units grew apace this quarter. Commercial revenue is up 7 percent to $7.56 billion, while Boeing's defense contracts advanced to $7.72 billion, up 7.4 percent from this time last year.

The company also announced a record-breaking $262 billion backlog this quarter, up 23 percent over the course of the past year, thanks to continued strength in sales across the board.

While Boeing shares dipped in morning trading, they have gained 10 percent in the past year.

Sky-high profits for the Chicago-based manufacturer came courtesy of increased shipments of their best-selling 737, which inch ever closer to overtaking sales of a comparable model made by Boeing’s chief rival, Airbus S.A.S. Demand for the 737 increased by 15 percent this quarter on orders from Singapore Aircraft Leasing Enterprise and Azerbaijan Airlines.

Though robust commercial profits are currently tied to new business from Asia and the Middle East, legacy carriers are about due for a new round of airplane contracts. Boeing hopes that scooping up that business will continue to drive profit in the months to come.

Boeing also began construction on its fuel-efficient 787 Dreamliners this quarter, creating a temporary drag on the company’s bottom line. That model has been the organization's most successful aircraft introduction ever, with more than 500 orders placed this quarter.

Air Canada recently signed up for 23 Dreamliners, bringing the carrier's total order for the model to 37. Virgin Atlantic, Richard Branson's U.K.-based airline, has also placed an order to secure 15 of the planes. Airbus's competing model, the A3500, will enter service five years after the 787 due to heavy construction delays.

Also on Wednesday, Boeing confirmed its earnings outlook for 2007 of $4.55 to $4.75 a share and for 2008 of $5.55 to $5.75 a share. The company forecast sales in 2007 of $64.5 billion to $65 billion and in 2008 of $71 billion to $72 billion.