Boeing sees widebody airplane deliveries slip in first quarter

Boeing’s commercial airplane deliveries slipped in the first quarter of 2016, primarily from fewer widebody jets.

The Chicago-based company said in its delivery report Thursday that it shipped 176 airplanes in the three-month period ended March 30, compared with 184 airplanes in the same period last year.

Boeing delivered three fewer 747s, four fewer 767s and one less 777 than in the first quarter of 2015.

Boeing said last year it would lower its 747 production rate in 2016 as deliveries of the jumbo jet have declined over the past couple of years. Its 747 did get a small lift on Thursday, however, as Boeing landed four, new 747 orders valued at $1.5 billion that it reported on its website Thursday. Boeing did not identify the 747 customer.

Boeing also plans to trim production of the 777 next year in advance of transitioning to production of its new 777X.

Deliveries of 737s and 787s were flat, at 121 and 30, respectively.

Spirit AeroSystems in Wichita manufactures parts of all Boeing jetliners, including 70 percent of the narrowbody 737. In 2015, Boeing accounted for 84 percent of Spirit’s net revenue.

In a note to investors Thursday, Wells Fargo Securities senior analyst Sam Pearlstein said Boeing’s quarterly deliveries were below his firm’s forecast of 185 commercial airplanes. Pearlstein said he expected Boeing to deliver more 737s, 747s, 767s and 777s in the first quarter. Deliveries of 787s during the period were consistent with Wells Fargo’s forecast, he wrote.

Pearlstein also wrote that Boeing’s first quarter 2015 deliveries were the lowest quarterly deliveries since the first quarter of 2014.

But he said in the note that his firm isn’t revising lower its forecast of 740 deliveries for all of 2016.

“We view this as a timing difference,” Pearlstein wrote, expecting deliveries in the second half of the year to be higher and include eight 747 deliveries.

This story was originally published April 7, 2016 at 11:10 AM with the headline "Boeing sees widebody airplane deliveries slip in first quarter."