Boeing on Wednesday reported second-quarter earnings that beat Wall Street estimates and hiked its forecast for 2017, sending shares of the stock up around 8 percent and making it the biggest mover on the Dow Jones Industrial Average.
As the Dow hit a fresh intraday all-time high, Boeing was trading at levels not seen since at least 1948. The stock was last adding more than 100 points on the Dow shortly after market open, trading at $229.59 per share.
Though its total sales came in less than expected, profitability of Boeing's 787 Dreamliner aided in creating stronger cash flow during the second quarter. Boeing's cash from operations, near $5 billion in the quarter, was roughly double analysts' estimates of about $2.5 billion.
Boeing also said it remains focused on trimming capital expenditures — something analysts have been monitoring closely, with many of Boeing's biggest investments for 2017 already out of the way.
The cost reductions are "remarkable," Jefferies analyst Howard Rubel told CNBC Wednesday.
"It's speed, it's quality, it's all the things you want with a company. ... It makes us feel like  and  revenues will be better than ," Rubel added.
Boeing said it will cut full-year capital expenditures by $300 million. The company added that it still expects to deliver between 760 to 765 commercial aircraft in 2017.
Though it's great to see Boeing squeezing costs further, the company must continue to sell its product, Jefferies' Rubel said. Demand must remain healthy, and Wall Street expects to see robust backlog.
"In the second quarter, we added to our large and diverse order backlog with key wins in commercial airplanes, defense, space and services, while achieving important milestones such as delivering the first 737 MAX airplane, flying the second production-ready T-X trainer aircraft, and conducting a successful Ground-based Midcourse Defense intercept test," Boeing CEO Dennis Muilenburg said in a statement.
"As we look to the second half of the year, our teams are focused on accelerating productivity, quality and safety improvements across the company, while completing key development efforts and delivering better capabilities and economics to our customers," Muilenburg added.
The company turning more dollars into cash this quarter surprised a lot of people, Canaccord Genuity's Ken Herbert later in the day told CNBC's "Squawk on the Street."
Herbert said he expects the cost-cutting "story" to continue for Boeing, although pricing pressure will likely become more of an issue for the aircraft manufacturer amid competition.
Boeing On Wednesday said it now expects to earn between $9.80 and $10 per share in 2017, topping analysts' prior predictions.
As of Tuesday's close, Boeing's stock has climbed a whopping 58 percent over the past 12 months, and shares are up about 36 percent for the year.
—CNBC's Gina Francolla continued to this report.