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Boeing net orders slump to lowest in decades

Business

Boeing Co reported its worst annual net orders in decades on Tuesday, along with its lowest numbers for plane deliveries in 11 years, as the grounding of its 737 MAX jet saw it fall far behind main competitor Airbus.

FILE PHOTO: Unpainted Boeing 737 MAX aircraft are seen parked in an aerial photo at Renton Municipal Airport near the Boeing Renton facility in Renton, Washington, U.S. July 1, 2019. REUTERS/Lindsey Wasson

15 Jan 2020 12:05AM

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REUTERS: Boeing Co reported its worst annual net orders in decades on Tuesday, along with its lowest numbers for plane deliveries in 11 years, as the grounding of its 737 MAX jet saw it fall far behind main competitor Airbus.

Allowing for cancellations and changes to earlier orders, Chicago-based Boeing said it had received just 54 new orders for planes in 2019 and delivered less than half as many as a year earlier, losing the top spot to its European rival for the first time in eight years.

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Ten months after the MAX was grounded following a pair of fatal crashes linked to its MCAS anti-stall system, Boeing still has a backlog of more than 5,400 orders for its long- and short-distance commercial jets.

By comparison, Airbus said earlier this month it racked up a net 768 orders last year after cancellations and delivered a record 863 planes.

Boeing said on Tuesday deliveries fell by 53per cent to 380 planes over the whole of last year, as the MAX's grounding made it impossible for it to deliver the planes to airline customers, forcing it to halt production earlier this month.

Planemakers receive most of their revenue when aircraft are delivered – minus accumulated progress payments – making final delivery crucial for theRead More – Source

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