Boeing reports 59% drop in commercial-plane deliveries in 2020

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Boeing Co. said Tuesday it delivered 59 commercial planes in the fourth quarter, bringing 2020 deliveries to 157 commercial jets, a 59% drop over deliveries in 2019. That year, Boeing delivered a total of 380 commercial planes, including 79 planes delivered in the fourth quarter of 2019. Boeing saw demand for its planes, especially wide-body jets used in long-haul flights, plummet with the COVID-19 pandemic. “As we continue navigating through the pandemic, we’re working closely with our global customers and monitoring the slow international traffic recovery to align supply with market demand across our widebody programs,” Chief Financial Officer Greg Smith said in a statement. “In 2021, we’ll continue taking the right actions to enhance our safety culture, preserve liquidity and transform our business for the future.” Shares of Boeing held to small gains after the news, and were recently up less than 0.1%. The company last week agreed to pay $2.5 billion to settle U.S. fraud charges over its 737 Max debacle. The first 737 Max jets returned to the skies in December after being grounded since March 2019 following two deadly crashes.
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