Boeing's Plane Deliveries Advance, Wins MAX Order -- Update
08 Octobre 2019 - 07:35PM
Dow Jones News
By Doug Cameron
Boeing Co. booked its first 737 MAX order since April but also
reported cancellations for 22 of its 787 Dreamliners, which will
leave the embattled aerospace giant seeking more customers for its
twin-aisle jets.
The Chicago-based company on Tuesday said it delivered 26
jetliners last month and won an order from an unidentified customer
for a MAX to be used as a private jet. That was the first completed
MAX deal since an order for four in April, after the aircraft was
grounded globally following two fatal crashes in less than six
months.
Shares fell 0.7% to $374.
The company delivered 302 jetliners in the first nine months of
the year compared with 568 in the same period last year.
Analysts expect Boeing to deliver around 440 jetliners this year
if regulators sign off on fixes to the MAX that allow shipments of
the aircraft to resume this year. European regulators have raised
heightened concerns about proposed fixes to the plane's
flight-control systems that could delay its return, The Wall Street
Journal reported on Tuesday.
Boeing delivered 806 planes in 2018. Rival Airbus SE, which is
set to overtake Boeing in terms of deliveries this year, shipped 71
jetliners in September, two more than last year to take its 2019
total to 571, requiring more than 100 more in each of the next
three months to hit existing guidance.
The uncertainty over the return of the MAX has made the 787 a
key focus for investors. The Dreamliner is one of Boeing's biggest
cash generators and is expected to deliver a bigger share of
profits as Boeing absorbs compensation claims from MAX
customers.
Boeing is producing 14 of the 787s each month but production has
hit that delivery rate only twice this year. September deliveries
were hit by the temporary shutdown of the Boeing plant in North
Charleston, SC, because of Hurricane Dorian.
The 787s cancelled in September had been ordered by Aeroflot
Russian Airlines. Boeing has also booked cancellations for 90 MAX
jets ordered by India's bankrupt Jet Airways. The cancellations
leave Boeing nursing a net loss of 84 jet orders so far this year,
despite winning deals for 170 new planes.
Slowing global traffic growth has hurt orders for wide body
jets, but Boeing has said the retirement of older planes in the
early 2020s should trigger a surge in deals. Analysts said Boeing
could still have to trim 787 production. Potential twin-aisle jet
customers include Deutsche Lufthansa AG, Qantas Airways Ltd, China
Airlines Ltd, Saudia, Philippine Airlines and Chinese carriers,
analysts have said.
Write to Doug Cameron at doug.cameron@wsj.com
(END) Dow Jones Newswires
October 08, 2019 13:20 ET (17:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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