Published: Friday, April 17, 2009
Order gives Boeing a boost
An 8-jet order from Bahrain helps stem the tide of bad news.
EVERETT -- The Boeing Co. got a little spring back into its step Thursday, courtesy of a new order for its delayed 787 Dreamliner.
There hasn't been much good news coming out of Chicago lately: jet production cuts, layoffs, losses. For months, Boeing has posted more aircraft cancellations than new jet orders. But, on Thursday, Boeing logged a request from Gulf Air for eight 787 aircraft.
The carrier, based in Bahrain, already has 16 Dreamliners on order with Boeing and exercised its options for the eight additional 787s. Gulf Air offers service to more than 40 destinations on a mostly Airbus fleet. It also flies four Boeing 777s.
Gulf Air's order marks not only Boeing's first new request for a 787 this year but also puts the aerospace company into positive numbers for net commercial airplane orders this year.
Boeing has fallen nearly two years behind schedule in delivering its fast-selling, mostly composite Dreamliner. The aerospace company hopes to have its 787 in the air by June, with the first delivery taking place early next year.
An American Airlines regulatory filing on Thursday, however, suggests Boeing's problems with its 787, coupled with the two-month strike by its Machinists last fall, will delay the U.S. legacy carrier's Dreamliner deliveries by a year.
American Airlines, which ordered 42 787s last year, said in a Securities Exchange Commission filing that the first of its Dreamliners won't show up until the second half of 2013, a year later than planned. The Texas-based carrier also has options for another 58 787s.
The 787 delays, along with a tough credit market, have led airlines to cancel requests for 32 Dreamliner jets since the first of January. The global recession has meant airlines are placing fewer orders for new aircraft. Boeing received just 28 new orders in the first quarter compared to 289 orders placed in the first quarter of 2008.
The 28 new orders in the first quarter didn't offset Boeing's 32 cancellations for the same period.
Gulf Air's order for eight Dreamliners brings Boeing's year-to-date net order total to four. That's not far behind rival Airbus's first quarter results of eight net orders. The European jet maker also has seen several order cancellations this year.
In February, leasing guru Steven Udvar-Hazy speculated that both Boeing and Airbus could receive more cancellations than new orders this year. Boeing's Scott Carson, president of the commercial airplanes division, has said the company likely will deliver more airplanes than it receives new orders. The company plans to deliver 480 to 485 jets this year.
Boeing announced earlier this month a plan to scale back production on its Everett-built 777 next year. The company also plans to cut at least 10,000 positions this year. Boeing's shares rose 2.2 percent Thursday to close at $38.39.
There hasn't been much good news coming out of Chicago lately: jet production cuts, layoffs, losses. For months, Boeing has posted more aircraft cancellations than new jet orders. But, on Thursday, Boeing logged a request from Gulf Air for eight 787 aircraft.
The carrier, based in Bahrain, already has 16 Dreamliners on order with Boeing and exercised its options for the eight additional 787s. Gulf Air offers service to more than 40 destinations on a mostly Airbus fleet. It also flies four Boeing 777s.
Gulf Air's order marks not only Boeing's first new request for a 787 this year but also puts the aerospace company into positive numbers for net commercial airplane orders this year.
Boeing has fallen nearly two years behind schedule in delivering its fast-selling, mostly composite Dreamliner. The aerospace company hopes to have its 787 in the air by June, with the first delivery taking place early next year.
An American Airlines regulatory filing on Thursday, however, suggests Boeing's problems with its 787, coupled with the two-month strike by its Machinists last fall, will delay the U.S. legacy carrier's Dreamliner deliveries by a year.
American Airlines, which ordered 42 787s last year, said in a Securities Exchange Commission filing that the first of its Dreamliners won't show up until the second half of 2013, a year later than planned. The Texas-based carrier also has options for another 58 787s.
The 787 delays, along with a tough credit market, have led airlines to cancel requests for 32 Dreamliner jets since the first of January. The global recession has meant airlines are placing fewer orders for new aircraft. Boeing received just 28 new orders in the first quarter compared to 289 orders placed in the first quarter of 2008.
The 28 new orders in the first quarter didn't offset Boeing's 32 cancellations for the same period.
Gulf Air's order for eight Dreamliners brings Boeing's year-to-date net order total to four. That's not far behind rival Airbus's first quarter results of eight net orders. The European jet maker also has seen several order cancellations this year.
In February, leasing guru Steven Udvar-Hazy speculated that both Boeing and Airbus could receive more cancellations than new orders this year. Boeing's Scott Carson, president of the commercial airplanes division, has said the company likely will deliver more airplanes than it receives new orders. The company plans to deliver 480 to 485 jets this year.
Boeing announced earlier this month a plan to scale back production on its Everett-built 777 next year. The company also plans to cut at least 10,000 positions this year. Boeing's shares rose 2.2 percent Thursday to close at $38.39.
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