Boeing’s (BA) - Get Free Report turbulent 2019 bled into 2020 as the company reported that it didn’t receive a single new plane order in January as the aerospace company continues to suffer from the fallout of the grounding of its 737 MAX jet.
It is the first time since 1962 that the company didn't receive a plane order in January, according to Reuters.
Boeing had a disastrous 2019 after a second plane crash involving its 737 MAX grounded the plane worldwide and weighed down the company’s plane deliveries for the rest of the year. The company still ended the year with gross orders of 246, but also ended the year with 192 negative contractual changes and 87 net decline in net orders.
Only two of the company’s jets saw gains in net orders in 2019 - the 767 (26) and the 787 (74) - while the company’s 737 and 777 lines experienced drops. 747 net orders remained flat year over year.
For comparison’s sake, Airbus (EADSY) - Get Free Report, Boeing’s chief European rival, had orders totaling 274 in the month after taking cancellations into account, its biggest January in at least 15 years, according to Reuters.
Boeing set the size of a bridge loan at $13 billion last week, according to a Bloomberg report, to provide the planemaker with the financial flexibility it needs to weather the downturn in orders. The company reportedly received loan commitments totaling $14 billion.
Boeing reversed the earlier gains it saw in Tuesday's session and was trading 0.35% lower at $343.45.