Boeing cuts jet demand forecast on pandemic crisis
SEATTLE/PARIS (Reuters) - Boeing <BA.N> 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.
The U.S. plane maker, which dominates jet sales together with Europe's
Airbus <AIR.PA>, forecast 43,110 commercial aircraft deliveries over
the next 20 years, down 2% from 44,040 projected a year ago and
worth an unchanged $6.8 trillion at list prices.
While fleets are still expected to almost double, it is the first time since
the 2009 financial crisis that Boeing has cut the 20-year demand
forecast in terms of the number of deliveries.
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10.7% from an unpublished forecast of 20,550 embedded in the last report.
"The industry clearly has been dramatically impacted ... by the pandemic,"
Commercial Marketing Vice-President Darren Hulst said.
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