Boeing, boosted by a banner year for its Commercial Airplanes unit, reported 2014 net income of $5.45 billion, up 19% over a 2013 net profit of $4.59 billion.

The company delivered a record 723 commercial aircraft in 2014, up 12% year-over-year, and projected Wednesday that it will deliver 750-755 commercial aircraft in 2015.

“Our Commercial Airplanes business successfully increased production rates and set an industry record for annual deliveries while also growing its backlog to new highs on record new orders for the year,” Boeing chairman and CEO Jim McNerney said in a statement.

Boeing’s commercial backlog at the end of 2014 stood at 5,800 aircraft valued at $440 billion.

Boeing’s 2014 revenue rose 4.8% year-over-year to $90.76 billion and the company provided guidance that its revenue will grow at least 5.2% in 2015 to $95.5-$96.5 billion. The company’s 2014 operating profit was $7.47 billion, up 14% from operating income of $6.56 billion in 2013, as operating margin increased 0.6 point to 8.2%.

Boeing Commercial Airplanes reported 13% year-over-year growth in revenue to $59.99 billion in 2014 and the unit’s annual operating profit rose 11% to $6.41 billion. Boeing provided 2015 revenue guidance for Commercial Airplanes of $64.5-$65.5 billion. Commercial Airplanes booked 432 net orders in the 2014 fourth quarter to bring its full-year total to 1,432.

Boeing’s companywide net profit in the 2014 fourth quarter was $1.47 billion, up 19% over net income of $1.23 billion in the 2013 December quarter, on a 3% rise in revenue to $24.47 billion.