EVERETT – Despite reporting new orders and deliveries, the Boeing Co.’s stock dropped more than 2 percent Thursday.
A flurry of activity Thursday didn’t help the company’s stock bounce back from Wednesday’s announcement that the 787 program had weight and cost issues.
Boeing announced Thursday it won an order for two converted freighters, and it revealed the buyer of five 787-8 Dreamliners in a deal worth $765 million at list prices.
A 31 percent drop in third-quarter earnings coupled with rising research and development costs for the Dreamliner pushed Boeing stock down from its Wednesday opening price of $82.60 to the Thursday close of $79.14. The 787 Dreamliner has accumulated 455 orders and commitments from 36 airline and leasing customers around the world. Boeing officials insist that the 787 remains on schedule for first flight in 2007 and entry into service in 2008.
Boeing announced that CIT Aerospace has ordered five 787-8 Dreamliners, scheduled to start delivery in 2012. The company previously attributed the CIT Aerospace deal on its Web site to an unidentified customer. CIT Aerospace, a business unit of CIT Group Inc., manages a fleet of more than 300 commercial, regional and business aircraft leased and financed to more than 100 airlines around the world.
All Nippon Airways exercised options for two Boeing 767-300 converted freighters. The Tokyo-based ANA launched the 767-300 converted passenger-to-freighter program in October 2005. The airline holds a total of five firm orders and two options.
“Once again, Boeing has the right product mix,” said Tomohiro Hidema, ANA executive vice president of purchasing, in a prepared statement.
Boeing also reported activity out of its other converted freighter program, the 747-400. The company recently delivered a 747-400 converted freighter to Singapore Airlines. The airline has sold the newly delivered freighter to Dragonair through a separate and previously announced arrangement.
Boeing managed every aspect of the conversion process, hiring China’s Taikoo (Xiamen) Aircraft Engineering Co. Ltd. to perform the hands-on modification work on this airplane. Besides selling Singapore Airlines a fully converted freighter, Boeing also agreed to provide the airline with six freighter conversion kits. This is the sixth 747-400 converted freighter that has been redelivered through Boeing to cargo operators.
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