Shares of aerospace giant Boeing (NYSE:BA) fell as much as 2.8% in Wednesday's morning session, following the release of second-quarter results.

Boeing's sales increased 1% year over year to $22 billion. Adjusted earnings jumped 22% higher to $2.42 per share. Operating cash flows before pension contributions fell 48%, landing at $1.8 billion. Analysts were looking for earnings of $2.01 per share on $22.2 billion in sales. Boeing fell short of both of the consensus revenue target, but beat earnings expectations.

The company delivered 181 aircraft to commercial airlines in the quarter, a 7% increase from the year-ago period. Defense, space, and security sales fell by 5%, led by 8% lower services and support revenue.

Looking ahead, Boeing kept full-year revenue guidance steady at approximately $89 billion. Official 2014 adjusted earnings projections were boosted from $7.25 to $8.00 per share, a 10% increase. Boeing lowered its operating margin forecast slightly for military aircraft operations, but raised them in the services and support division.

Effective tax rates are now expected to stop at 23%, down from 29% in the previous-quarter guidance rundown. Boeing recorded $524 million in tax benefits during the second quarter as two tax audits resulted in net benefits.

"With 783 new commercial airplane orders to date this year and significant contracts in the quarter for military aircraft and satellites, our backlog remains large and diverse," said Boeing CEO Jim McNerney in a prepared statement. "We delivered our first 787-9 and our 8,000th 737, successfully completed a key missile defense intercept test, and delivered our 100th EA-18G Growler to the U.S. Navy."

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