The Boeing CompanyNYSE
Fri, Oct. 28, 8:59 AM
- Boeing (NYSE:BA) and China's Comac have signed an agreement to open a 737 completion facility in the coastal city of Zhoushan, marking the planemaker's first such plant outside the U.S.
- The move comes as Boeing and its European rival Airbus fiercely compete for plane orders in China. Airbus already has two plants in the country.
Fri, Oct. 28, 7:34 AM
- The Pentagon has canceled 22 programs in advanced development after spending a combined $58.3B on them since 2002, according to the DoD's latest assessment of its acquisition performance.
- Among the weapons scrapped were Boeing's (NYSE:BA) ground-based vehicle network for the Army, a Northrop Grumman (NYSE:NOC) mini-submarine for Navy SEALs and a chopper from Textron (NYSE:TXT) Bell Helicopter unit.
Thu, Oct. 27, 10:28 AM
- Boeing (BA -1.6%) may be building a new commercial passenger plane that can take off and land vertically, according to a new patent awarded to the company.
- The aircraft features two tilt-rotors on each wing that can rotate depending on the circumstances.
- The military has been using a vertical takeoff and landing (VTOL) aircraft known as the V-22 Osprey since 2007. That aircraft was built by Boeing and Bell.
Thu, Oct. 27, 10:06 AM
- Tossing a lifeline to the venerable jumbo jet, UPS (UPS -1.2%) is ordering 14 Boeing (BA -1.1%) 747-8 airplanes and holds options for another 14 of the air freighters.
- The deal is valued at $5.3B based on list prices and almost doubles Boeing’s current backlog of 15 unfilled 747 orders.
- The planemaker in July said it was slowing 747 production output to six aircraft a year and would have to end the program if new orders didn't materialize.
Wed, Oct. 26, 9:25 PM
- Boeing (NYSE:BA) shares flew 4.7% higher in today's trade after posting a strong Q3 earnings beat and raising its full-year guidance; the company also raised the top end of its jet delivery forecast by five planes to 750 and reported higher profits on its 787 Dreamliner.
- The stock fell in the early going but reversed course to become the day's top gainer on the Dow after CEO Dennis Muilenburg said during today's earnings conference call that BA's cash generation would grow under every scenario contemplated for the 777, the company’s second-largest profit driver.
- BA's operating cash flow rose 12% Y/Y to $3.2B in Q3, and the company affirmed its target of $10B or more this year, and Muilenburg says cash flow will continue to rise even in any potential scenario involving production cuts for the 777.
- Several sales campaigns now underway will determine the near-term course for the 777: Lagging orders already prompted Boeing to slow its assembly line to seven jets a month starting early next year with plans to deliver just 5.5 per month in 2018, and output possibly slipping to 3.5 per month in a worst-case scenario before speeding up as production shifts to the 777X.
- “Across all of those scenarios that I just described, all of them, we see cash growing year-over-year in 2017 and then again in 2018,” Muilenburg told investors.
Wed, Oct. 26, 7:58 AM
- Core operating earnings of $2.19B, or $3.51 per share vs. $2.63B, or $2.52 per share in the same quarter a year ago.
- Revenue by segment: Commercial Airplanes -4%; Military Aircraft -19%; Network & Space Systems -20%; Global Services & Support +17%.
- Commercial Airplanes booked 107 net orders during Q3. Total company backlog at the end of Q3 was $462B, or 5,600 planes.
- During the quarter, the company repurchased 7.6M shares for $1B and paid $700M in dividends.
- Raised outlook for 2016: Core EPS of $6.80-$6.70 (from $6.10-$6.30); Revenues of $93.5B-$95.5B (from $93B-$95B); Commercial deliveries of 745-750 planes (from 740-745).
- BA +1.6% premarket
- Q3 results
Wed, Oct. 26, 7:32 AM
Tue, Oct. 25, 6:47 PM
- Northrop Grumman's (NYSE:NOC) winning bid to develop and build the U.S. Air Force's new bomber held “significant structural advantages” over a competing proposal by Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT), according to a declassified version of a February ruling from the Government Accountability Office.
- The “significantly lower proposed prices” for initial production “created a near-insurmountable obstacle” to Boeing in the Air Force’s calculation of realistic costs, according to the GAO report, which also said its review of Boeing’s protest filed after the award to NOC "provides no basis on which to sustain the protest.”
- After rejecting Boeing’s challenge for the bomber program valued at as much as $80B, the GAO initially had kept its findings secret.
Tue, Oct. 25, 5:30 PM
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Mon, Oct. 24, 11:28 AM
- Rockwell Collins (COL -6.5%) says its acquisition of B/E Aerospace (BEAV +15.3%) will triple its sales of equipment in new-generation widebody jetliners such as the Boeing 787 (BA +2.1%) and Airbus A350 (OTCPK:EADSF, OTCPK:EADSY).
- COL CEO Kelly Ortberg also believes the acquisition will nearly double sales related to narrowbody jets, such as top sellers Boeing 737 and Airbus A320.
- Aftermarket sales would help offset weakness in other parts of the combined company, such as sales to business jet manufacturers, which Ortberg expects will fall 15%-20% in FY 2017.
Wed, Oct. 19, 2:28 PM
- Boeing (BA +1.2%) says it will shut a small defense plant that had been earmarked to make parts for the 747-8 jumbo jet, although the head of the 747-8 program tells employees the move is not a sign that the company plans to end jumbo production "in the near term."
- Boeing said last year that it planned to create up to 200 new jobs at the Macon, Ga., facility by insourcing work on making fuselage panels for the jet, but is reversing course after cutting 747 output to just six per year and hinting it may end production altogether.
- The 747-8 work in Macon was due to be transferred from Triumph Group (TGI -1.6%), which Boeing says remains under contract for the business through the end of decade.
Mon, Oct. 17, 4:41 PM
- A new seat supplier for Boeing's (NYSE:BA) top-selling 737 jetliners has signed its first two customers, allowing it to begin production, Reuters reports.
- The agreements with LIFT by EnCore, which are due to be announced as early as this week, would be the first in which Boeing buys the seats from the supplier, essentially guaranteeing they will arrive on time.
- With other seat makers, airlines are required to buy the seats and have them delivered to aircraft factories, which has led to problems for the plane makers when seat deliveries are late.
- LIFT's initial orders will equip at least 50 of Boeing's 737 MAX aircraft, with deliveries beginning in 2017, which show initial market acceptance and would allow LIFT to begin certification and production, according to the report.
Mon, Oct. 17, 10:33 AM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) CEO Fabrice Bregier says he plans to overtake rival Boeing (BA +0.6%) in terms of annual plane deliveries by 2020.
- The CEO also says Airbus hopes to deliver 50 A350 aircraft this year, although deliveries by the end of September totaled only 26.
- While Airbus has been leading in terms of new orders for years, Boeing has been ahead since 2012 in terms of deliveries.
- Separately, Airbus recently delivered its 10,000th aircraft, a wide-body A350 XWB to longtime customer Singapore Airlines, 42 years after delivering its first plane.
Fri, Oct. 14, 5:42 PM
- Boeing (NYSE:BA) names Ihssane Mounir as the new sales chief for its commercial airplanes division effective in early 2017, as the U.S. company and European rival Airbus (OTCPK:EADSF, OTCPK:EADSY) battle slowing commercial jet orders.
- Boeing’s chief airplane salesman, John Wojick, is retiring from the post, after overseeing record-quick sales of ~5K airplanes and helping make the 737 Max the best-selling new airplane model in the company’s 100-year history.
- Mounir, who currently leads the sales team in northeastern Asia, including China, which is poised to overtake North America as the world’s largest aviation market.
Thu, Oct. 13, 5:57 PM
- Boeing (NYSE:BA) has opened a new 424K sq. ft. facility in St. Louis, Mo., to manufacture composite parts for its new 777X commercial jetliner.
- The company expects production of 777X wing edge and tail parts to begin at the plant in early 2017; Boeing had 306 orders for the plane through September, which is replacing the 777, introduced in 1995.
- The future of some of Boeing's facilities in St. Louis, where the company has ~15K employees, had been in question due to slowing fighter jet sales.
- Boeing committed more than $300M to construct and outfit the facility.
Thu, Oct. 13, 11:53 AM
- The European Union says it is appealing against a WTO panel's finding last month that it had failed to rein in billions of dollars of subsidies to Airbus (OTCPK:EADSF, OTCPK:EADSY).
- The EU says it disagrees with the WTO's conclusion that, even though most of the subsidies challenged by the U.S. had ended, the EU had not fully complied with a previous ruling, and in the panel's assessment of alleged harm that the subsidies caused to Airbus rival Boeing (NYSE:BA).
- U.S. officials had said Airbus failed to undo subsidies worth $22B, including $4B for the A350, on which Airbus' prospects in the wide-body jet market largely depend.