Reuters / Anthony Bolante
Boeing's earnings report boosted the company's stock, which is already the best performer in the Dow this year.
The highlight of the planemaker's report was free cash flow that climbed above $4.5 billion, more than double analyst expectations. And in an effort to sweeten the pot for loyal shareholders, the company used $3.4 billion of that to buy back shares and pay out dividends.
The resulting 3.6% increase in pre-market trading extends Boeing's outperformance relative to its peers in the 30-stock Dow Jones Industrial Average. Shares are up 36% year-to-date, the most in the equity benchmark - even more than red-hot Apple. That's also more than triple the Dow's return in 2017.
The company, which has the second-largest weighting in the Dow, has been the biggest contributer to the gauge this year, accounting for more than 400 points of its 1,825-point net move.
Boeing bulls will be further emboldened by the company's decision to raise its year-end earnings forecast to $9.80 to $10 a share, a 60-cent increase.
They'll also find comfort in the record backlog of orders for Boeing's single-aisle 737 aircraft, which is currently the company's biggest driver of profits.
The continued bullishness on Boeing is being reflected in short seller activity. Short interest - a measure of bets that share prices will drop - sits at 1.4% of shares outstanding, according to data compiled by IHS Markit. That's close to the measure's 2017 low, reached earlier this month.
Get the latest Boeing stock price here.