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MarketScreener Homepage  >  Equities  >  Nyse  >  Boeing Company (The)    BA

BOEING COMPANY (THE)

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Airbus first-half deliveries hit 16-year low despite June bounce

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07/08/2020 | 04:09pm EDT
Airbus logo at the entrance of the Airbus facility in Bouguenais

By Tim Hepher and Benoit Van Overstraeten

Airbus deliveries rose 50% in June compared with May and reached their highest level since the coronavirus crisis spread to Europe in March, but the accelerating recovery failed to prevent first-half deliveries from sliding to a 16-year low.

Figures released by the European planemaker late on Wednesday underscored a collapse in aerospace industry fortunes since early this year, hours after Airbus workers facing job cuts staged their first strike in 12 years.

Deliveries rose to 36 aircraft in June from 24 in May and a low of 14 in April. For the first half, deliveries fell by 49% to 196 planes compared with 389 in the same period last year.

Airbus has said it faces an average 40% drop in business over the next two years, forcing it to cut 15,000 jobs, or 11%, of its workforce. Unions oppose compulsory cuts.

Facing a slump in demand, planemakers have been urging airlines to take planes that have already been built in return for agreement to defer others due at later dates.

Some aircraft, however, are going straight into storage because travel demand is recovering slowly, experts say.

June's figures suggested negotiations were partially paying off as Airbus handed over three wide-body A350-900 aircraft for European airlines despite a glut of large jets.

But deliveries of many other wide-body aircraft at Airbus and U.S. rival Boeing remain hampered by weak demand for long-haul travel as a result of the crisis.

Sources said last month that Airbus had sent out dozens of default notices to airlines in a bid to keep deliveries moving.

With airlines focusing on survival, Airbus posted no orders for a second month.

Gross orders so far this year remained at 365 jets, but net orders adjusted for cancellations slipped by one unit to 298, after lessor Avolon cancelled one of 10 A330neos it has ordered.

(Reporting by Tim Hepher and Benoit Van Overstraeten; Editing by Chizu Nomiyama and Leslie Adler)

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -2.18% 65.83 Real-time Quote.-49.55%
BOEING COMPANY (THE) 0.67% 180.08 Delayed Quote.-45.09%
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Financials (USD)
Sales 2020 67 064 M - -
Net income 2020 -1 533 M - -
Net Debt 2020 34 066 M - -
P/E ratio 2020 -62,2x
Yield 2020 0,69%
Capitalization 102 B 102 B -
EV / Sales 2019
EV / Sales 2020 2,02x
Nbr of Employees 161 100
Free-Float 55,6%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 189,59 $
Last Close Price 180,08 $
Spread / Highest target 56,0%
Spread / Average Target 5,28%
Spread / Lowest Target -38,9%
EPS Revisions
Managers
NameTitle
David L. Calhoun President, Chief Executive Officer & Director
Lawrence W. Kellner Non-Executive Chairman
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO, EVP-Enterprise Performance & Strategy
Theodore Colbert Executive Vice President
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