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AMERICAN AIRLINES GROUP INC.

(AAL)
  Report
Delayed Nasdaq  -  04:00 2022-10-04 pm EDT
12.95 USD   +8.64%
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Boeing deliveries slip to five-month low in July

08/09/2022 | 11:01am EDT
FILE PHOTO: Farnborough International Airshow

(Reuters) - Boeing jetliner deliveries fell to a five-month low of 26 airplanes in July, highlighting pressure on global supply chains as it prepares to resume deliveries of the 787 Dreamliner.

The U.S. planemaker said monthly deliveries included 23 737 MAX jets and three wide-body freighters, bringing MAX deliveries so far this year to 212 jets and total deliveries to 242.

The figures do not include the imminent resumption of 787 Dreamliner deliveries after a year-long suspension over production issues.

The U.S. government on Monday approved the first 787 delivery since May 2021, people briefed on the matter said.

July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus reported lower July deliveries on Monday.

At roughly half the 51 handovers seen in the previous month, Boeing's July deliveries suffered the sharpest sequential drop since before the 737 MAX was cleared to return to service in December 2020, following a safety grounding.

Deliveries have nonetheless fluctuated significantly this year and June had seen a sharp swing towards the upside.

Chief Financial Officer Brian West anticipated a "light" July when he outlined three worries for the 737 during earnings last week: supply chains, delays in getting planes out of storage and an effective freeze on deliveries to China.

He told analysts that Boeing would not fully make up for lower-than-expected first-half deliveries in the second half and added: "We'll continue to experience monthly variability".

NEW ORDERS

Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline.

Boeing confirmed orders for a total of 125 MAX from Delta Air Lines and Qatar Airways as well as two 777 freighters for Air Canada. It added fresh orders for two MAX from American Airlines and a 777 freighter from FedEx.

That brings Boeing's gross orders to 130 airplanes for July and 416 for the year so far.

After cancellations of four planes in July, Boeing posted core net orders of 126 planes in July and 312 for the year to date.

Airbus earlier reported comparable year-to-date net orders of 656 airplanes after a major deal with China..

After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year.

The adjustments reflect a more positive view on some outstanding contracts as travel demand returns.

Boeing restored a net total of 31 planes to its normal operational backlog in July after they had previously been set aside in a category reserved for jets unlikely to be delivered.

Airbus carries out similar quality adjustments to its backlog annually rather than monthly, and logs them in terms of value rather than volume, so a comparison is not available.

Boeing has sold a total of 5,206 jets that are still waiting for delivery in coming years, or 4,370 after including the accounting adjustments for planes seen unlikely to be delivered.

(Reporting by Tim Hepher Additional reporting by Abhijith Ganapavaram and David Shepardson; Editing by Mark Potter)

By Tim Hepher


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA 6.77% 17.98 Delayed Quote.-21.44%
AIRBUS SE 6.15% 94.7 Real-time Quote.-15.72%
AMERICAN AIRLINES GROUP INC. 8.64% 12.95 Delayed Quote.-27.90%
DELTA AIR LINES, INC. 8.81% 30.75 Delayed Quote.-27.69%
FEDEX CORPORATION 5.06% 159.12 Delayed Quote.-38.48%
THE BOEING COMPANY 5.92% 133.51 Delayed Quote.-37.39%
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Analyst Recommendations on AMERICAN AIRLINES GROUP INC.
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Financials (USD)
Sales 2022 47 694 M - -
Net income 2022 -683 M - -
Net Debt 2022 30 109 M - -
P/E ratio 2022 -10,1x
Yield 2022 -
Capitalization 8 416 M 8 416 M -
EV / Sales 2022 0,81x
EV / Sales 2023 0,72x
Nbr of Employees 129 200
Free-Float 98,8%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 12,95 $
Average target price 17,00 $
Spread / Average Target 31,3%
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Managers and Directors
Robert D. Isom Chief Executive Officer & Director
Derek J. Kerr Chief Financial Officer & Executive Vice President
William Douglas Parker Chairman
Ganesh Jayaram Chief Digital & Information Officer & Executive VP
David G. Seymour Chief Operating Officer & Senior Vice President
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