Boeing takes off, but is a bumpy ride ahead?

Remember several years ago when Boeing Co. (NYSE:BA) could do no right? It was losing ground to Airbus, losing military contracts to rivals and in one corporate mishap after another. Times sure have changed.

Boeing is expected to report a strong fourth quarter on Jan. 31. Analysts expect the company to report profit of 97 cents versus 58 cents a year earlier. The company stampeded past analysts' forecast in the third quarter. The stock is up more than 10 percent in the last six months.

Last year was a great year for Boeing. The Chicago-based company got 1,044 firm orders for commercial aircraft, which likely helped it top Airbus for the first time since 2000. This performance, which was helped by demand for the 787 Dreamliner, stunned analysts, who had expected sales to SLOW DOWN, according to Reuters.

The Dreamliner is a key product for Boeing. In fact, concerns raised by an analyst about possible delays and cost overruns related to the aircraft recently sent Boeing's stock tumbling. Boeing's shares recovered after Wall Street analysts said they thought the development of the aircraft was proceeding on schedule. Deliveries are scheduled to begin next year.

The military side of the business also is humming along. In November, A Boeing-lead team beat Lockheed Martin Corp. (NYSE:LMT) for a major helicopter contract with the U.S. Air Force

How long the good times will last isn't clear. Douglas McIntyre argues that Airbus may be down, but it's far from out.

Also check out some other earnings reports that we're following, and let us know your thoughts on earnings expectations.