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Boeing New Plane Deliveries Quadruple in November From 2020

Boeing said it delivered 34 new planes worldwide in November, up from only seven planes in November 2020.
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Jet-making giant Boeing  (BA) - Get Boeing Company Report said Tuesday that it delivered 34 new planes globally in November, up from only seven planes in November 2020.

The latest number places Boeing on course to more than double deliveries from last year.

It has delivered 302 aircraft year to date, already well above the 157 total for all of 2020, when the Covid pandemic raged. Boeing delivered 380 jets in the pre-pandemic year of 2019.

Of the 34 November deliveries, 28 were 737 MAX jets, pushing 737 deliveries to a total of 213 in 2021.

Boeing was hurt by worldwide grounding of its 737 MAX jets from March 2019 to November 2020, after two crashes killed 346 people. Earlier this month, China approved a resumption of flights by the plane.

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Boeing’s net new orders totaled 91 in November, the 10th straight month in which new sales exceeded cancellations. A majority of the sales represented 737 MAXs.

The news didn’t appear to affect Boeing stock, which recently traded at $196.64, down 0.39%, on a down day for the market as a whole.

Morningstar analyst Burkett Huey puts fair value at $249.

“Boeing's narrow-body business is bruised after the extended grounding of the 737 MAX,” he wrote in an Oct. 27 commentary.

“But we anticipate that the structural tailwinds driving narrow-body demand, particularly the development of emerging-market economies, will continue as the world emerges from the COVID-19 pandemic.

“As nations grow richer, their citizens tend to demand travel, and almost all aviation demand is served by two firms [Airbus EADSY and Boeing]."