New Pilots

Boeing delivers 762 jetliners in 2015

2016 01 08

Boeing Co has reported delivery of 762 jetliners in 2015, exceeding its target of 755 to 760 planes as the company entered its centenary year.

Boeing also said it booked 768 net firm jetliner orders worth $112.4 billion in 2015, lifting its year-end backlog to 5,795 planes, in line with its forecast of booking sales that roughly matched deliveries in 2015.

Even though Boeing hit its targets, the company's stock was caught in a broad market sell-off triggered by the prospect of slower global growth, stemming in part from China, analysts said.

Boeing stock was the biggest decliner in the Dow Jones Industrial Average, down 3.9 percent at $133.45 in afternoon New York Stock Exchange trading. The Dow Jones Industrial Average .DJI was down 2.1 percent.

The dip reflects concern about economic weakness in Asia and "the effect that could have on an industrial cyclical stock like Boeing," said Peter Arment, analyst at Sterne Agee in New York.

Boeing Commercial Airplanes Chief Executive Ray Conner said the company aims to stay focused on "getting our products to our customers as quickly and efficiently as possible."

The deliveries tally, which includes 34 of Boeing's flagship 787 Dreamliners in the fourth quarter, probably cements the company's position as the world's biggest plane maker, topping Airbus Group (AIR.PA) for the fourth straight year. Boeing lost to Airbus on orders after its European rival reported 1,007 net sales through November.

Airbus is expected to say at its annual press conference on Tuesday that in 2015 it delivered slightly more than the 629 jetliners it delivered in 2014, and to update its orders tally.

Analysts said Boeing's figures largely matched expectations, and showed the company hitting its production targets, leaving its profit outlook unchanged.

Analysts on average expect Boeing to post fourth quarter net profit of $2.20 per share when it reports results on Jan. 27, according to Thomson Reuters I/B/E/S.

Boeing delivered 120 of its 737s in the fourth quarter, slightly below the target production rate of 42 a month, as it built its first 737 MAX plane, due to undergo flight testing this year.

The Dreamliner output suggested Boeing was producing its latest, high-tech aircraft at a faster rate than the target of 10 a month. Boeing is planning to increase the rate to 12 a month this year.