The Boeing 10-K filing last week cut the backlog for its 777X to 191 orders - 38% fewer than previously thought. Boeing has seen demand fall away for large expensive aircraft as airlines fight for survival, the pushback of the program to a 2023 in service date does give more customers the right to cancel their orders, but the pushback is wise in the current climate and Boeing will be betting that it will be able to collect new orders as the market recovers in 2022. The delay also, crucially, gives the engine manufacturers more time to produce a more environmentally-friendly set of engines, surely the best use of the time given. Boeing has taken the US$6.5bn hit on its books for the program write-downs – Now the only way is UP and the share price looks cheap (still).
777X orders
