Investing.com -- Boeing (NYSE: BA )'s annual deliveries fell to their lowest level since the COVID-19 pandemic in 2024, despite a rebound in December. The U.S. planemaker delivered 348 commercial jets last year, a significant decrease from the 528 delivered in the previous year. New jet orders in 2024 were less than half of what Boeing recorded in 2023.
The company faced several challenges last year, including production quality issues, stricter regulatory scrutiny, supply chain delays, and a seven-week labor strike that slowed assembly lines. Boeing has been cautious in resuming production after the strike ended on November 5. The 737 lines restarted in early December.
In December, Boeing delivered 30 jets, including 17 737 MAX and 9 787s. This was a significant increase from the 13 delivered in November and 14 in October. Over the course of 2024, the company delivered 260 737 MAX, 51 787s, 18 767s, and 14 777s.
The company's revenue is primarily generated when an airplane is delivered. Boeing's new CEO, Kelly Ortberg, indicated in October that the company is likely to continue to burn cash this year.
Boeing's annual order tallies also saw a significant decrease, dropping from 1,456 gross orders in 2023 to 569 in 2024. Net orders after cancellations and conversions fell from 1,314 to 377. After adjusting for accounting standards, Boeing booked 317 net orders in 2024.
In December, the company recorded 142 gross orders, including 30 787 orders for flydubai and 100 737 MAX orders from Pegasus Airlines. The orders from flydubai were initially announced in November 2023 but were not finalized until December 2024.
However, the company also had to cancel 135 orders from India-based Jet Airways in December, following a court order for the airline's liquidation. At the end of 2024, Boeing had 6,245 unfilled orders and 5,595 orders in its official backlog, adjusted for accounting standards.
Boeing was outpaced by its European competitor, Airbus, which delivered 766 jets in 2024 and booked 826 net orders after cancellations and conversions. This marked the sixth consecutive year that Boeing has trailed behind Airbus.
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