Boeing released its first quarter earnings report before opening bell this morning, posting non-GAAP earnings of $1.97 per share, a 12% increase from last year, on $22.1 billion in revenue, an 8% year over year increase. Analysts had been expecting earnings of $1.84 per share on $22.6 billion in revenue. In the same quarter a year ago, the airplane maker reported earnings of $1.28 per share on $20.5 billion in revenue.

Boeing Co Beats Earnings Estimates, Misses Sales

Key metrics from Boeing’s earnings report

GAAP earnings were $1.87 per share for the first quarter. Operating cash flow was $0.1 billion.

“With disciplined execution and a sharp focus on productivity, we are meeting increasing customer commitments while profitably growing our business,” Boeing Chairman and CEO Jim McNerney said in a statement this morning. “The strong operational and financial performance reinforces our ability to continue providing competitive returns for our shareholders while investing in technology and our people.”

Boeing’s earnings by segment

Boeing reported a 21% year over year increase in revenue from Commercial Airplanes, bringing it to $15.381 billion, due to a higher volume of deliveries. The segment saw 52 737 MAX airplane orders and a total of 110 net orders. Backlog in the segment is more than 5,700 planes worth $435 billion.

The company’s Defense, Space & Security segment revenues fell 12% to $6.709 billion. The business saw declines in all three sub-segments: Military Aircraft, Network & Space Systems, and Global Services & Support. Backlog in the segment was $60 billion, with 37% of that amount representing international orders.

Boeing Capital saw $86 million in revenue for the first quarter and had a net portfolio balance of $3.4 billion, a slight decline from $3.5 billion the portfolio had at the beginning of the year.

Boeing maintains guidance

Management also maintained their guidance for this year, exuding optimism. They expect adjusted earnings of between $8.20 and $8.40 per share and revenue of between $64.5 and $65.5 billion.

The airplane manufacturer bought back 17 million shares for $2.5 billion during the first quarter. Boeing has $9.5 billion left on its share repurchase authorization. The company expects to complete the program in the next two or three years. Boeing also paid $.06 billion in dividends during the quarter, about a 25% increase year over year.