Boeing Co. (NYSE: BA) delivered 13 new airplanes in August, a sharp increase over the four new jets it delivered in July. The company even took orders for eight new commercial jets last month, including five new 737 Max airplanes. In July, Boeing wrote just one new order.
The 13 new deliveries were more than offset by 17 order cancellations in the month. Through August, Boeing has delivered 87 new commercial jets in 2020 and written a total of 67 orders. Net of cancellations and conversions, year-to-date net orders reflect a total drop of 378 orders and a negative 932 net orders for the year.
Poland’s Enter Air placed an order last month for three new 737 Max jets and an unidentified customer placed an order for three more of the troubled plane. The other two orders came from Taiwan’s EVA Air, for freighter versions of the 777.
Four of the 13 August deliveries were made to Boeing’s defense and space division for two P-8A Poseidons and two KC-46A tankers. Boeing also delivered four 787-9 Dreamliners last month: one to Japan’s ANA, one to India’s Vistara, and two to United Airlines.
Last month, the company grounded eight 787s to correct a problem with how some parts of the plane’s horizontal stabilizer are clamped together. The issue arose at the company’s South Carolina plant on planes that had not yet been delivered to customers. In a statement, Boeing said it was determining whether a fix will be required for the in-service 787s. Boeing has delivered 981 Dreamliners since the initial delivery to ANA in 2011.
According to a report in The Wall Street Journal, the U.S. Federal Aviation Administration (FAA) will begin a quality-control review of the 787 issues.
Last month, the FAA announced the requirements Boeing would have to meet in order to get the 737 Max back in the air.
Boeing stock traded down about 4.5% in the noon hour Tuesday, at $163.37 in a 52-week range of $89.00 to $391.00. The consensus 12-month price target on the stock is $174.64.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.