In an announcement on Tuesday, the Boeing Co. (NYSE: BA) said aircraft sales in March outpaced cancellations as the global airline industry showed signs of recovery after a massive hit from the Coronavirus pandemic that has so far infected more than 130 million people worldwide and caused over 2.9 million deaths.
Boeing shares were reported about 0.5% up in premarket trading on Tuesday. The stock lost another 0.5% on market open but gained 2.5% later in the day. Including the price action, Boeing is now trading at £183 per share. In comparison, it had started the year at a per-share price of a lower £147.47. The price action should come in handy if you are interested in investing in the stock market.
Boeing’s net orders remained positive in March
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It was the second consecutive month for Boeing to record more sales than cancellations. The U.S. aeroplane manufacturer reported close to 200 gross orders for its bestselling 737 MAX jetliner, including 100 that it sold to the largest 737 MAX operator and a long-term customer, Southwest Airlines.
Adjusted for conversions, cancellations, and other changes in orders, Boeing reported net positive orders of forty aircraft. At the end of February, the American multinational’s backlog stood at 4,041, which jumped to 4,054 as of the end of March.
In separate news from the United States, Keybanc Capital Markets upgraded FedEx stock on Tuesday from ‘sector weight’ to ‘overweight’.
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Boeing delivered 29 aircraft in total last month
According to Boeing, it delivered 29 airliners last month. The Chicago-based company was pushed into halting 787 Dreamliners’ delivery in 2020 due to production issues. Late in March, however, Boeing resumed deliveries, handing over two Dreamliners to United Airlines.
In comparison, Boeing had delivered 22 aircraft in February. The planemaker, however, acknowledges that it’s a long way ahead before it recovers entirely from the hit from the COVID-19 crisis and grounding of its world-famous 737 MAX jetliner for almost two years.
The news comes a week after Boeing warned of a possible electrical fault in some of its 737 MAX jets that resulted in Southwest, United, and American Airlines grounding over 60 aircraft temporarily.
Boeing performed largely downbeat in the stock market last year with an annual decline of a little under 40%. At the time of writing, the New York Stock Exchange-listed company has a market cap of £106.36 billion.