Boeing Co. (BA) said Tuesday it delivered 28 commercial airplanes in the third quarter, a 55% drop from the 62 commercial planes delivered in the third quarter of 2019. So far this year, the aerospace and defense company delivered 98 commercial planes, compared with 301 commercial planes delivered by the same time span last year. "We continue to work closely with our customers around the globe, understanding their near-term and longer term fleet needs, aligning supply and demand while navigating the significant impact this global pandemic continues to have on our industry," Chief Financial Officer Greg Smith said in a statement. Several airline clients have canceled or postponed plane orders and the pandemic, and restrictions on travel to curb it, have decimated demand. "We're taking actions to resize, reshape and transform our business to preserve liquidity, adapt to the new market reality and ensure that we deliver the highest standards of safety and quality as we position our company to be more resilient for the long term," Smith said. Shares of Boeing have fallen 50% so far this year, contrasting with gains of 9% for the S&P 500 index.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 13, 2020 11:19 ET (15:19 GMT)
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