You are using an older browser version. Please use a supported version for the best MSN experience.

Boeing Shares Climb As March Aircraft Delivery, Order Totals Gain Pace

TheStreet logo TheStreet 4/13/2021 Martin Baccardax
a large passenger jet sitting on top of a building: Boeing Shares Climb As March Aircraft Delivery, Order Totals Gain Pace © TheStreet Boeing Shares Climb As March Aircraft Delivery, Order Totals Gain Pace

Boeing shares moved higher Tuesday after the planemaker said it secured a net new orders for the second consecutive month in March as carriers prepare for a post-pandemic rebound in global passenger traffic.

Boeing said its net new orders for March totaled 40 new aircraft, lifting the first quarter tally to 69. Gross orders for the quarter were pegged at 282 planes, Boeing said, following 156 737 Max cancellations last month.

In terms of deliveries, Boeing shifted a total of 77 planes over the first quarter, including 7 widebody aircraft and 22 737s last month, a 55% increase from the same period last year.

Boeing shares were marked 1.7% higher in late-morning trading following the March sales update to change hands at $253.75 each, a move that extends the stock's six-month gain to around 56.5%.

Last week, Boeing recommended that customers address a potential electrical issue found within a specific group of 737 MAX aircraft before they are put back into service.

Southwest Airlines said in a separate statement that 30 of its 58 737 MAX aircraft will affected by the Boeing announcement, adding that it doesn't anticipate any meaningful disruption to its current levels of service.

American Airlines added that it will removed 17 of its recently-delivered 737 MAX jets following the Boeing alert while United Airlines said it would pull 16 of the planes from service "out of an abundance of caution".

Boeing posted a wider-than-expected adjusted core loss for the three months ended in December of $15.25 a share as it booked charges of more than $8 billion, including $6.5 billion linked to delays in the 777X widebody jet, which won't be pushed into service until late 2023.

Group revenue, the company said. fell 14.5% to $15.3 billion, but topped analysts' estimates of a $15.07 billion tally. Free cash flow, however, was measured at -4.274 billion.

Boeing will publish its first-quarter earnings on April 28.

Boeing is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells BA? Learn more now.

This article was originally published by TheStreet.


More From TheStreet

image beaconimage beaconimage beacon