Boeing shares down as new plane sales disappoint

Boeing (NYSE:BA) shares were falling on Tuesday as the aircraft engineer’s ailing 2024 appears to be dragging on sales.

The company reported jet delivery and order data for the month of May that failed to meet investor expectations.

In May, Boeing saw four new planes, none of which were for the 737 MAX aircraft – it has not received any orders for this class of jet for two months in a row.

For context, in May of last year Boeing received 69 plane orders.

Nonetheless, Boeing’s order remains robust at 6,200 units.

It comes as Boeing’s output volumes are also being constrained by oversight by America’s Federal Aviation Administration due to increased oversight following an emergency door plug blowout incident on a 737 MAX 9 jet operated by Alaska Air.

Boeing said it delivered 24 jets, including 19 of its 737 MAXs, consistent with the number reported for April, but, below the 50 planes delivered in May last year.

If the same volume is maintained, Boeing would have delivered 72 planes in its second quarter, which would be some way short of Wall Street's projection of 91 jets.  In the first quarter, Boeing delivered 83 jets.

Boeing shares were down 2.56% on Tuesday, trading at $185.25.

As the market and regulators continue to scrutinise Boeing, its share price is down some 26% in 2024 to date.