Boeing's stronger-than-expected earnings numbers this morning cleared aerospace and defense exchange traded funds (ETFs) for takeoff.

Boeing (BA) is the world's second-largest commercial airplane manufacturer, reports Ashley M. Heher for the Associated Press. Its earnings grew 38% in the first quarter, beating Wall Street estimates, but sales missed expectations.

Boeing is 8.5% of iShares Dow Jones US Aerospace & Defense (ITA), which is down 9.8% year-to-date. It's also 7.1% of the PowerShares Aerospace & Defense (PPA), down 10.8% year-to-date.

What are Boeing's prospects down the line, though? The airlines are coming out with dismal numbers each day, and one would think this is going to put a dent into the number of orders they'll place for new planes.