Boeing Confirms Order Cancellations

This past week has proven to be a difficult time for the aerospace manufacturer.  James Bell, the company’s CFO, speaking at the recent Cowen and Co. Aerospace and Defense Conference in NYC, informed the investors attending that Dubai’s LCAL has limited its order of 787 Dreamliners from twenty-one to five.  This was not a surprise considering that Boeing’s CEO, Jim NcNerney, warned investors on January 28th that he expected an increase in order cancellations.

Christopher Hinton from Marketwatch had this to say about the situation, “The 787, an all-new and more fuel-efficient airliner that can carry up to 250 passengers and that makes extensive use of light-weight composite materials, has faced a series of design and production delays that have pushed back the estimated first commercial delivery of the plane to the first quarter of 2010.”