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Boeing New Orders Top Cancellations for First Time in 15 Months

Boeing in February received 82 new orders and 51 cancellations. That's the first time in 15 months that orders exceeded cancellations.
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Boeing  (BA) - Get Boeing Company Report shares rose Tuesday, after the Chicago aerospace giant said that in February it registered more new orders for commercial planes than cancellations for the first time in 15 months.

The totals were 82 new orders and 51 cancellations. Boeing delivered 22 commercial planes, including 18 of its 737 MAX jets. Those 18 included five to Southwest Airlines  (LUV) - Get Southwest Airlines Co. Report and three to United Airlines  (UAL) - Get United Airlines Holdings, Inc. Report.

The MAX was grounded in the U.S. from March 2019 until last November, after two crashes killed 346 people. 

Other countries have permitted the jet to fly as well. Boeing said 14 airlines globally are putting MAX jets in the air with passengers.

Boeing stock recently traded at $231.95, up 3.5%. It has climbed 44% over the past six months amid investor optimism over vaccines for the COVID pandemic and anticipation of economic recovery.

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Boeing’s February sales bested its No. 1 competitor, Europe’s Airbus EADSY. That airline so far this year has seen 11 new orders and 92 cancellations, Bloomberg reports.

To be sure, Boeing failed to deliver any 787 Dreamliners for the fourth month in a row.

On the positive side, Boeing added 16 planes to its backlog, showing it believes those sales are likely to transpire.

Last week, knowledgeable sources told Bloomberg that Boeing was looking to arrange an additional $4 billion revolving line of credit from a group of lenders led by Citigroup. 

The move would help Boeing prepare to ride out an even longer-than-expected slowdown in global aircraft demand, the news service reported.