Boeing cut its rolling 20-year forecast for airplane demand on Tuesday, sending its shares lower as the COVID-19 pandemic lays waste to deliveries over the next few years.
FILE PHOTO: Federal Aviation Administration Chief Steve Dickson pilots a Boeing 737 MAX aircraft on takeoff of an evaluation flight from Boeing Field in Seattle, Washington, U.S. September 30, 2020. Mike Siegel/Pool via REUTERS./File Photo
Boeing, also for the first time, lifted the lid on the first half of the 20-year period, showing steep declines for the coming decade on the heels of the COVID-19 crisis. It predicted 18,350 deliveries for 2020-2029, down 10.7% from an unpublished forecast of 20,550 embedded in the last report. Even so, Boeing expressed confidence that demand would return towards previous trends in the 2030s, just as it did after earlier economic shocks. Environmentalist critics say the crisis is an opportunity for the industry to get smaller.“It will take longer from this crisis but ... the industry will prove resilient again; the fundamentals aren’t changing,” Hulst said.
Boeing cut its 20-year forecast for twin-aisle models such as its 787 Dreamliner and the Airbus A350 by more than 10%. At 7,480 jets, down from 8,340 a year ago, that part of the 20-year forecast is now lower than 8,000 for the first time since 2010. Boeing now sees 32,270 deliveries in the medium-haul single-aisle category, traditionally the cash cow of large planemakers. That includes 13,570 deliveries between now and 2029.
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