We knew 2012 had the potential to be a banner year for Boeing—and today’s financial numbers show we’re off to a strong start. First-quarter net income rose to $1.22 per share on revenue of $19.4 billion.
I’ve touted 2012 as the Year of the MAX and that’s also shaping up to be the case. With 301 firm orders for the airplane in the first-quarter, the 737 MAX has helped to grow our record backlog of more than 4,000 airplanes valued at a record $308 billion.
So how did the quarter stack up against the competition? We booked 412 net orders compared to Airbus’ 90. We also delivered 137 airplanes compared to Airbus’ 131, an increase of more than 30 percent compared to this time last year.
Another great piece of news today. We contractually delivered the first 747-8 Intercontinental to an airline customer—our launch customer Lufthansa. We’ll celebrate the delivery on May 1 in Everett before the airplane heads to Germany for a celebration there on May 2. This is a huge milestone for the 747-8 program and I send my congratulations to the entire team as well as Lufthansa. You can see more photos here.
Lufthansa’s 747-8 Intercontinental during its first flight.
As always, I think our story is best told in video. I invite you to check out the clip below showcasing all of the accomplishments from the first-quarter, followed by a brief program by program summary.
737
In January the program delivered the first 737 produced at the new 35-a-month rate — and also rolled out the 35th airplane at that new rate. In the largest-ever Boeing order from a European airline, Norwegian Air Shuttle ordered 22 Next-Generation 737-800s and 100 737 MAX airplanes, making Norwegian the first carrier in Europe to order the MAX. In February Boeing and Lion Air finalized the largest commercial order in Boeing history — for 201 737 MAXs and 29 Next-Generation 737-900ERs valued at $22.4 billion. The MAX program entered the final phase of wind-tunnel testing in February with low-speed tests at the QinetiQ facility in Farnborough, England, followed in March by high-speed wind tunnel testing at the Boeing Transonic Wind Tunnel in Seattle.
747
On Feb. 28 we delivered the first VIP 747-8 Intercontinental to an undisclosed customer. The program also delivered five freighters in the first quarter, including the first 747-8 Freighters for Korean Air and AirBridgeCargo Airlines. The Freighters continue to perform exceptionally well in service with better-than-plan dispatch reliability and fuel burn. Preparations are under way for a mid-year rate increase from 1.5 per month to two per month.
767
The program delivered three 767-300 Freighters and four 767-300ER passenger airplanes including the 96th - and final — 767 on order for All Nippon Airways, a 767 customer for more than 30 years. The program also received an order for four 767-300ERs for delivery to Air Astana, a new direct customer for the 767. On Feb. 24, Boeing marked the first anniversary of winning the U.S. Air Force contract to build the KC-46A aerial refueling tanker, which uses the 767-2C freighter as its platform. In the past year, the tanker program has reached several key design and development milestones on time or ahead of schedule. Boeing is on track to complete a Preliminary Design Review with the Air Force, a key milestone in the Tanker’s development, by the end of April.
777
On March 2 more than 5,000 employees, suppliers, customers and government officials celebrated completion of the 1,000th 777 - a 777-300ER that was delivered to Emirates on March 20. The program reached the 1,000 mark in 16 years - faster than any other twin-aisle airplane. In addition, the 777 engineering team achieved a remarkable 98 percent on-time rate for release of engineering work. Readers of Business Traveler magazine voted the 777 “Best Aircraft Type” for the fourth year in a row and the 777-300ER won the 2012 Aircraft of the Year award, presented by Aviation News.
787
The program delivered five Dreamliners: three to launch customer ANA and two to Japan Airlines - the first airline to take a 787 powered by GE’s GEnx engine. Those deliveries brought the fleet total to eight. The worldwide Dream Tour generated enthusiasm with stops in Singapore, Mexico, Chile, Canada, Thailand, Ireland and multiple cities across the U.S. The team is making great progress defining the 787-9.
Boeing South Carolina
Boeing South Carolina’s first production airplane (LN 46) moved into its final position, where it will go through interiors installation and production test before rolling out to the flight line this Friday. Delivery is still on track for mid-2012.
Commercial Aviation Services
At the Singapore Airshow in February, CAS launched the Boeing Edge, a new identify for the services, support and solutions Boeing offers its customers. Norwegian Air Shuttle signed a 12-year agreement to extend GoldCare, a comprehensive fleet maintenance and engineering management service, to the airline’s planned fleet of six 787 Dreamliners, and Singapore Airlines Cargo signed up to cover its fleet of 13 747-400 freighters. CAS also signed an agreement with Korean Air to establish a new training center and to continue providing all of the airline’s Boeing flight and operational training through 2020.
from Randy's Journal
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