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Boeing Inc. (NYSE:BA) reported a decrease in April commercial airplane deliveries amid ongoing efforts to enhance production of its 737 MAX.
Boeing handed over 24 commercial airplanes in April, down from 26 a year ago.
The company also faced 33 cancellations in April, primarily due to the cessation of operations by Canadian budget carrier Lynx Air, accounting for 29 of the cancellations, according to a report from Reuters.
Boeing reduced MAX single-aisle jets production to enhance manufacturing quality following increased scrutiny from regulators after a mid-air incident in January.
Wall Street closely monitors aircraft deliveries as it significantly impacts planemakers’ revenue collection upon handing over jets to customers.
Despite cancellations, Boeing recorded seven gross new orders in April, totaling 138 gross orders for the year.
Also Read: As Boeing Struggles, Embraer Considers Entry Into Narrow-Body Aircraft Market
Adjusted net orders stand at 127 airplanes after accounting for cancellations and conversions. Boeing’s backlog decreased to 5,646 as of April 30.
In contrast, Airbus SE (OTC:EADSY) reported an increase in deliveries, with 61 aircraft delivered in April, marking a 13% rise from the same period last year.
Last month, Boeing reported a first-quarter revenue decline of 8% year-over-year to $16.569 billion, beating the consensus of $16.227 billion. Adjusted loss per share contracted to $(1.13) from $(1.27) in the same quarter of 2023, beating the consensus estimate of $(1.76).
Boeing stock has lost more than 10% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).
Price Action: BA shares are trading higher by 1.7% at $181.50 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: FAA Opens New Investigation Into Boeing 787: Did Employees Falsify Aircraft Records?
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