Boeing Gets 150 Cancellations for 737 MAX Planes in March - TheStreet

Boeing Gets 150 Cancellations for 737 MAX Planes in March

Net jet cancellations for Boeing totaled 119 in March - the aerospace giant gained orders for other passenger planes besides and military aircraft.
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Boeing  (BA) - Get Report shares fell Tuesday in an up market as the bad news continued to pour in for what is now the world’s second biggest airplane maker.

Boeing’s customers cancelled a mind-bending 150 orders for 737 MAX jets in March. The company said it delivered just five for the entire first quarter. The 737 MAX has been grounded since last year, after two accidents with 346 deaths.

The company has stumbled repeatedly in its response to that crisis and now it’s getting hammered by the coronavirus pandemic, which has paralyzed air travel.

Experts say CEO David Calhoun did the company no favor recently by threatening to turn down aid from the government if it insisted on an equity stake at the same time that other company officials were begging the government for assistance.

As for the March 737 MAX cancellations, leasing firm Avolon accounted for 75 of them and Brazilian airline Gol for 34.

Net jet cancellations for March totaled 119, as the 150 737 MAX cancellations were offset by 31 orders for wide-body passenger planes and military aircraft.

Net cancellations for the entire first quarter totaled a whopping 307 planes.

“We are working closely with our customers, many of whom are facing significant financial pressures, to review their fleet plans and make adjustments where appropriate,” Boeing said in a statement.

“At the same time, Boeing continues to adjust its order book to adapt to lower-than-planned 737 MAX production in the near term.”

Boeing shares traded at $144.74, down 1.76%. The stock has plunged 56% in the last three months.