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Boeing Company (NYSE:BA) shares are trading lower on Tuesday.
On a year-to-date basis, the company delivered 131 airplanes with adjusted net orders of 130 this year. The company reported 142 year-to-date gross orders.
In May, Boeing delivered 24 commercial aircraft, approximately half of the 50 jets supplied to customers in the same month last year, maintaining a slower assembly line pace to finalize pending tasks, Reuters reported.
Boeing has reduced production of MAX single-aisle jets to enhance manufacturing quality, following increased regulatory scrutiny after a mid-air door plug blowout on a 737 MAX 9 jet on Jan. 5.
The planemaker delivered 19 MAX jets in May, up from April but down 45% compared to May 2023 when it handed over 35 jets, the report added.
Reuters previously reported that Boeing’s monthly output dropped to single digits in late March, far below the FAA-imposed cap of 38 jets per month.
Boeing’s backlog decreased from 5,646 to 5,625 as of May 31.
In May, Boeing secured four gross new orders, all for Eva Air’s 787-10 Dreamliners, bringing the year’s total to 142. Adjusted for cancellations, Boeing’s net orders so far in 2024 stand at 103.
According to Benzinga Pro, BA stock has lost over 16% in the past year. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and First Trust Exchange-Traded Fund First Trust Indxx Aerospace & Defense ETF (NYSE:MISL).
Price Action: BA shares are trading lower by 2.67% to $185.05 at last check Tuesday.
Image by Miguel Lagoa via Shutterstock
