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Boeing Third-Quarter Jet Deliveries Increase but Lag Expectations

Boeing's jet deliveries rose to 85 in Q3 from 79 in the prior quarter, but that lagged the reported consensus forecast of 100-plus.

Boeing  (BA) - Get Boeing Company Report shares eased Tuesday after the Chicago aerospace giant delivered fewer than expected jets in the third quarter.

The number rose to 85 from 79 in the prior quarter, and deliveries of the long-troubled 737 Max planes totaled 66, up from 50 in the second quarter.

Baird analyst Peter Arment said the Wall Street consensus projection was for more than 100 deliveries, though his own was 83, Barron’s reports.

Boeing didn’t deliver any 787 jets during the latest quarter. They still need a go-ahead from the Federal Aviation Administration after manufacturing quality problems.

The gap between Arment and the Wall Street consensus “appears to be timing on 787 deliveries,” Barron’s said, noting that the 787 delivery delay was already known.

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Boeing on Tuesday closed at $223.57, off 1.3%. The stock has firmed 5% year to date amid signs of progress for its operations. 

Arment has a buy rating on the stock with a $306 price target.

Boeing had a positive stand on its delivery numbers.

"We made important progress driving stability throughout our operations in the third quarter," the company said.

"Our defense and services teams delivered across several key programs. In our commercial business, we increased 737 Max deliveries in the quarter, and progressed in safely returning the 737 Max  to service in more international markets.”

Morningstar analyst Burkett Huey puts fair value at $260 for Boeing stock. “Boeing possesses a wide moat that will allow the company to generate economic profits for the long haul,” he wrote in July.