Shares of Boeing Co (NYSE: BA) are up nearly 2.0% on Tuesday after the aerospace giant made two headlines, of which, only one was good.
The bad news first
Boeing says it delivered 38 planes in January – down significantly from 69 a month ago. On a year-over-year basis, though, it still delivered six planes more last month.
Its bestselling 737 Max made up over 90% of the said deliveries in January. The multinational is currently producing 31 of those narrowbody airliners per month and plans on lifting that output to 50 a month over the next three to four years.
Boeing received 16 net new orders last month. A couple weeks earlier, it reported a surprise loss for its fourth financial quarter as Invezz published HERE.
Year-to-date, Boeing shares are now up more than 10%.
And now the good news
Also on Tuesday, Boeing secured an order for at least 220 new planes from Air India as the carrier pushed ahead with plans of expanding its network and becoming a bigger global player.
The airline ordered another 250 jetliners from rival Airbus as well. Put together, it’s the largest order ever placed for new planes. According to Chairman N. Chandrasekaran:
Air India is on a large transformation journey. This order is an important step in realizing Air India’s ambition to offer a world-class proposition serving global travellers with an Indian heart.
The first of these planes, Air India confirmed, will go into service later this year. Wall Street currently has a consensus “overweight” rating on the Boeing stock.
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