Boeing deliveries plunge amid 737 Max crisis
Former manager will testify before Congress on aircraft's flaws
Boeing jetliner deliveries plunged by more than half through the first 11 months of the year amid fallout from the grounding of its best-selling 737 MAX, the planemaker said Tuesday.
Boeing shares, which have tumbled 17 percent since the jet's second fatal crash prompted regulators to sideline it, remained lower after the latest data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 140.19 | +2.05 | +1.48% |
The Chicago-based planemaker delivered 345 jets from January through November, down 51 percent from a year ago. The number is important for Boeing's bottom line since customers make the bulk of payments upon receipt of aircraft. Rival Airbus has shipped 718 planes in the same time frame.
As for orders, Boeing lost 84 more than it won in the first 11 months of the year, a downturn fueled by the cancellation or conversation of 115 orders for the 737.
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The figures include the orders Boeing received last month at the Dubai Airshow. Air Astana, a low-cost airline of the Republic of Kazakhstan, ordered 30 737 MAX planes, and an unidentified airline signed on for 10 737 MAX 7 and 10 Boeing MAX 10 jets, Reuters reported, citing a person familiar with the matter.
Boeing shares opened lower Tuesday after whistleblower Ed Pierson, a former senior manager at Boeing, agreed to testify before Congress on Wednesday that he warned the planemaker about flaws with the 737 MAX. After the second crash, in Ethiopia, investigators linked the disasters to glitches with anti-stall software intended to keep the plane from ascending at too steep an angle.
Boeing CEO Dennis Muilenburg has promised the MAX will be the world's safest airplane once it resumes commercial flights.