The bad news keeps piling up for Boeing (BA) - Get Report, which has been hammered as the coronavirus pandemic has depressed air travel and its 737 MAX jets were grounded last year after two accidents.
The stock fell Tuesday after the world’s second-biggest jet maker reported that it delivered just four planes in May, its lowest total for the month in 60 years and down 87% from a year ago.
The deliveries included two 777 freighters, one NG-based aircraft for the U.S. military and one 767 freighter. No passenger planes were included.
Boeing reported 18 cancellations against only nine orders last month. A whopping 14 of the cancellations consisted of Boeing’s MAX 737 jet. The orders were for widebody planes.
Boeing's adjusted net orders dropped to a negative 602 airplanes.
Its backlog plummeted to 4,744 planes, the lowest in seven years. And that backlog includes orders Boeing periodically subtracts from its count due to financial or other issues for customers. Boeing didn’t do that seven years ago.
To be sure, the company’s stock has skyrocketed 53% since May 29 amid optimism about increasing air travel.
American Airlines (AAL) - Get Report announced last week that its domestic flights in July will register 55% of last year’s July total. In April and May the figure was 20%. Delta’s (DAL) - Get Report daily passenger count now totals 65,000, more than double the April amount.
Boeing shares recently traded at $222.70, down 3.38%.