Boeing Co. said that deliveries of commercial airplanes fell more than 30% from the same time last year to the second quarter, but they were better than the first quarter thanks to a strong June, and they beat Wall Street’s predictions.
The drop from one year to the next is because Boeing has had to cut back on production because of safety issues and increased scrutiny from regulators. Along with that, Boeing agreed this week to plead guilty to fraud charges related to two 737 Max plane crashes.
In midday trading, BA, -1.40% fell 0.3%, but that was less than the 0.7% drop it had earlier in the day.
Boeing said that in the second quarter, it delivered 92 commercial planes. Though that’s more than the 91 planes that FactSet thought would be delivered and up 10.8% from the 83 planes that were delivered in the first quarter, it was 32.4% less than the 136 planes that were delivered in the second quarter of last year.
Seventy 737-model planes were delivered in the last quarter. This is less than the 103 737s delivered in the same month last year, but more than the 65 737s that FactSet predicted would be delivered.
The company delivered 44 planes in June, which was the most this year and the most since December, when they delivered 45 planes. In June, 49 planes were delivered, which is 10.2% more than in June of last year.
Boeing has delivered 175 planes so far this year, including 137 737s. This is less than the 266 planes they delivered in the first half of last year.
The Dow Jones Industrial Average has gone up 4.5% so far this year, while Boeing’s stock has dropped 28.9%.
