Boeing handed over 53 commercial jets in July, a step back from the 64 it delivered in June, as the planemaker continues to work through production challenges. European rival Airbus delivered 67 aircraft during the same month, keeping its lead in the race to supply airlines with new planes.
For planemakers, deliveries are the closest thing to a monthly scoreboard because they signal when a finished jet actually leaves the factory and reaches the customer. That matters for investors because manufacturers typically book a large portion of the purchase price upon delivery, making it a key indicator of cash flow and revenue.
What the numbers show
Boeing's July handovers were led by its best-selling 737 MAX, which accounted for 39 of the 53 jets delivered. The company also handed over 10 787 Dreamliners and a handful of other widebody aircraft, showing that output remains concentrated in its core models.
The slower month doesn't erase the progress Boeing has made this year. Through July, the company has delivered 367 jets, including 279 737 MAXs and 50 787s. That puts the year's pace ahead of where it was at the same point in 2023, though still below the levels Boeing achieved before the 737 MAX crisis and the pandemic disrupted production.
On the orders front, Boeing logged 30 net new orders for the month, helped by commitments made at the Farnborough Airshow, where the company announced several deals. Net orders strip out cancellations and conversions, giving a clearer picture of demand.
Why deliveries matter
Deliveries are more than just a production metric. They determine when airlines receive the planes they've ordered, which affects their own capacity plans and fuel efficiency. For Boeing, getting jets out the door is also critical to its financial recovery, as it generates cash only when planes are handed over.
The company has been under pressure to increase output while also addressing quality and safety concerns that have drawn regulatory scrutiny. Boeing has said it is focused on stabilising its production system and improving quality, which has meant a slower pace of deliveries than some investors would like.
Airbus, meanwhile, continues to outpace Boeing in deliveries, though it also faces supply chain constraints. The European planemaker has set a target of 870 deliveries for the full year, a goal that requires a late-year surge to achieve. Boeing has not given a specific delivery target for 2024, but its year-to-date numbers suggest it is on track to improve on last year's total.
What it means for investors
For everyday investors, Boeing's monthly delivery numbers are a useful window into the company's operational health. A consistent rise in deliveries would signal that Boeing is overcoming its production issues and could lead to stronger cash flow and earnings. A slowdown, like the one in July, raises questions about whether the company can meet its financial goals.
Boeing's stock has been volatile as investors weigh the company's recovery against ongoing challenges, including regulatory oversight and the need to rebuild trust with airlines and regulators. The company's suppliers have also been watching closely, as their own growth depends on Boeing and Airbus increasing output.
Airbus's stronger delivery numbers have helped its shares perform well, and the company recently announced a €5 billion share buyback and higher output targets, reflecting confidence in its long-term demand outlook. Investors in Boeing will be hoping for similar signs of momentum in the coming months.
As always, it's important to remember that monthly delivery figures can be lumpy. A single month's dip doesn't necessarily signal a trend, and both Boeing and Airbus often see deliveries accelerate toward the end of the year as they rush to meet annual targets. The key for investors is to watch whether the overall trajectory continues to improve.
