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UPDATE 1-Boeing 2nd-qtr earnings top estimates; raises 2017 forecast again

(Adds details about earnings, analyst comment)

July 26 (Reuters) - Boeing Co on Wednesday posted second-quarter profit and cash growth that beat analysts' estimates even though sales were less than expected, sending shares up sharply.

The profitability of its 787 Dreamliner contributed to strong cash flow as the world's biggest plane maker focuses on streamlining production of new 737 MAX models and finishing development of other forthcoming planes. The company also benefited from cost-cutting.

Boeing said it will cut full-year capital expenditure by $300 million and was making $3.5 billion in additional pension contributions to reduce future costs.

The capital spending plan was not a surprise since Boeing already has made most of the big investments in its new 777X wing factory and on the 737 MAX and 787-10 programs, said analyst Richard Aboulafia at Teal Group.

"Capex was bound to decline," he said.

Boeing added $1.5 billion to its operating cash flow forecast for the year, raising it to about $12.25 billion. It is increasing its planned share repurchases this year by $3.5 billion, bringing the total to about $10 billion.

The company lifted its full-year forecast for core earnings, which exclude some pension costs, by 75 cents to between $11.10 and $11.30 a share, its second upward revision this year.

Boeing shares were up 3.5 percent at $220.00 in premarket trading. The stock has rocketed up 37 percent this year.

Boeing swung to a profit of $1.76 billion, or $2.89 per share, in the second quarter, from a loss of $234 million, or 37 cents per share, a year earlier.

Last year's results included more than $2 billion in charges related to the 787, 747 and KC-46 tanker aircraft programs.

Core earnings, which excluded some pension and other costs, were $2.55 per share in the quarter.

Revenue fell 8.1 percent to $22.74 billion.

Analysts expected core earnings of $2.30 per share on revenue of $23 billion, according to Thomson Reuters I/B/E/S.

Commercial aircraft deliveries fell to 183 from 199 a year ago. Boeing said it still expects to deliver 760-765 commercial aircraft in 2017. (Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Jeffrey Benkoe)