First, the good news: 2007 was a really good year for Boeing.

The company is reporting a net profit of $4.1 billion for the year, up a whopping 84 percent from 2006. On a per-share basis, earnings jumped to $5.28, up 85 percent from the year before.

For the fourth quarter, it's reporting EPS of $1.36, which is a little bit better than analysts expected. It had revenue of $17.5 billion.

Boeing says its backlog is up to a record $327 billion, and - interestingly - it's raising its EPS guidance for 2008 to between $5.70 and $5.85 a share.

The shares got a nice bounce on the news - the price is up about 1 percent - but as we discussed Monday, I think most investors are waiting to hear what CEO Jim McNerney has to say about 787 delays before deciding what kinds of trades to make.