Boeing (BA) recently released its third quarter earnings results with record deliveries of commercial jets and stunning core earnings of $1.7 billion. Increased production rate of commercial airplanes have been driving the company's bottom line, which increased 25% in the third quarter. Boeing also lifted its earnings guidance for the current fiscal year. Here's a lowdown on the company's overall performance during the period.

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By the numbers

Boeing's shares trended higher in premarket trading on Wednesday, following the third quarter earnings news, where the company blew past earnings and revenue estimates. Boeing generated $25.8 billion in revenue, up 9% from the year-ago period. Boeing recorded $1.7 billion in net profit, translating to EPS of $2.47. This compares with net income of $1.36 billion, or $1.86 a share, reported in the year-ago quarter. The company's adjusted EPS came in at $2.52.

The strong operational performance of the company in the first three quarters of the fiscal year led the company to raise revenue, EPS and operating cash flow guidance for the year, said CEO Dennis Muilenburg.

Boeing bagged orders for 166 commercial aircraft during the quarter. This brings the aircraft manufacturer's total commercial backlog to around 5,700 planes, which is valued at $426 billion. Muilenburg believes the commercial aviation demand will continue to remain strong with projected orders for 38,000 new planes over the next couple of decades, as annual passenger traffic grows 6%. As far as the demand mix is concerned, he said both narrowbodies and widebodies should see healthy market demand.

Production ramp up leads to strong deliveries

Higher production and deliveries of commercial jets have been playing an essential role in boosting the company's top and bottom lines. Nearly 70% of Boeing's revenue was generated from payment of the delivered jets.

During the third quarter, the Boeing dispatched 199 jets compared with 186 units the same quarter last year. What worked in Boeing's favor was that it delivered more widebodies that bolstered its top line. The company delivered 37 787 Dreamliners and 27 777s. Muilenburg said that "by continuing to deliver on our large and diverse backlog, we are driving strong growth in revenue, earnings and cash flow." He believes that the company's push to augment the production capacity will help it to drive operating margin expansion opportunities.

Boeing is faced with the challenge of trimming the Dreamliner production cost to break even and eventually recover its development cost that ran over budget. As per the latest quarter figures, the 787 Dreamliner's cost continues to shrink, which has brought down the per plane loss to $15.5 million.