Bloomberg News reports that Boeing Co. (NYSE: BA) beat and lowered. But the market is applauding -- lifting its shares 1.6% in pre-market action.

The market likes nothing more than a company that beats earnings estimates and raises its sales and profit guidance. But Boeing seems to have exceeded expectations while lowering guidance -- albeit less than expected. Boeing reported that its earnings rose 61% in the third quarter as it increased production to deliver nine more jetliners than a year earlier.

Its earnings and sales exceeded expectations. Net income increased to $1.11 billion, or $1.44 a share, from $694 million, or 89 cents, a year earlier. This was 18 cents a share about the $1.26 a share that 11 analysts surveyed by Bloomberg expected. Revenue of $16.5 billion exceeded the analysts' $16 billion forecast.

But Boeing's future is a bit darker. According to Reuters, it kept its 2008 profit forecast of $5.55 to $5.75 per share, below Wall Street's average estimate of $6.04, but lowered its revenue forecast to account for the six-month delay in 787 Dreamliner production, announced earlier this month. Boeing said it now expects 2008 revenue of $67.5 billion to $68.5 billion, down from its previous estimate of $71 billion to $72 billion. Analysts were expecting $71.2 billion, on average.

Since its shares are up in pre-market, it may be that the lowered revenue guidance was not as bad as analysts had been expecting.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Boeing securities.

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