Boeing Jet Orders at New High
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Boeing Co.’s commercial aircraft orders more than tripled to a record 1,002 last year on demand from Asian and Middle Eastern airlines, probably overtaking European archrival Airbus for the first time in five years.
Orders -- a key indicator of future performance -- surpassed a previous record for Boeing planes set in 1996, when it posted 668 orders. Boeing’s official order book lists 1988 as a record year, but that figure includes planes made by McDonnell Douglas, which Boeing didn’t acquire until nine years later.
Airbus, which remains the world’s largest commercial aircraft maker based on deliveries, had orders for 687 planes at the end of November and expects to release its year-end total Jan. 17.
Boeing said it expected to surpass Airbus in aircraft deliveries in 2008 and regain market share it lost to its French rival in 2003. Aircraft makers recognize revenue from orders when the planes are delivered.
Meanwhile, Banc of America Securities cut its rating on Boeing shares to “neutral” from “buy,” saying it expected Boeing orders this year to be about half the number in 2005. Analysts Nick Fothergill and Harry Nourse reduced their target for the share price to $72 from $73.
Boeing shares fell 84 cents to $70.33.
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