Chicago ? Boeing Co. carved out a $779 million second-quarter profit despite a drastically reduced commercial airplane market, flying past expectations thanks largely to gains from its growing defense and space businesses.

Earnings slipped 7 percent from a year earlier but reflected a strong rebound from a rare unprofitable quarter. The aerospace giant had lost $1.25 billion due to an accounting charge in the January-March period, when it also reported some soft operating results.

Net earnings amounted to 96 cents a share, down from $840 million, or 99 cents a share, in the second quarter of 2001. Revenues also sank, falling 11 percent to $13.9 billion from $15.5 billion.

Excluding certain items, operating earnings were 92 cents a share easily topping the 80-cent consensus estimate of analysts surveyed by Thomson Financial/First Call.

Boeing’s stock jumped $2.07 a share, or 5 percent, to close at $42.94 in trading Wednesday.