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Deliveries of the 787 dropped by 11 aircraft during July as Boeing turned over 8 airplanes to their customers. Production continues at 12/month thus the Boeing flight lines in Charleston and Everett are getting crowded as Boeing rolled out 13 787s during July as opposed to 10 Dreamliners in June while delivering 8. It should be noted that just like June 787 deliveries of 17 were an outlier I also believe that this month's anemic delivery rate is also an outlier due to the lower number of airplanes that were rolled out in June. Through July, Boeing has averaged 11.42 deliveries in 2018 about 4 airplanes shy of the targeted delivery rate.
Boeing delivered 1 x 787-8 and 7 x 787-9. The only notable delivery was to the 787-8 to Air Tanzania which is their first and only 787. For the year Boeing delivered 80 787 (5 x 787-8, 69 x 787-9, 6 x 787-10). Total program deliveries are 716 787s in total. Of note, Boeing now has delivered more 787-9 compared to the 787-8. This was accomplished when Boeing delivered a 787-9 to ANA which seems quite fitting given that ANA was the launch customer for both the 787-8 and the 787-9. The company has turned over 354 x 787-8, 356 x 787-9 and 6 x 787-10. Obviously, given the current breakdown of the backlog the number of 787-9s vs 787-8 will only grow unless there is a sudden surge in 787-8. I believe, unless there is a major re-capitalization of the 787-8, that the smaller 787 will continue to have a decreasing share of the over all 787 order book.
Production has been stable as Boeing rolled out 13 787 in July. I expect that most if not all these 13 should deliver in August.
Orders were pretty good as the Farnborough Air Show gave Boeing the opportunity to make a big splash order wise. As usual the show is dominated by narrowbody orders but Boeing did have 787 orders to announce even though some of them were already announced as MoU or LoIs. Hawaiian firmed up their order for 10 x 787-9 with a further 10 options. Air Lease Corp and United topped up their current 787-9 order book with 3 and 4 more respectively. Vistara Airlines signed and LoI for 6 x 787-9 and a couple of unknown customers signed LoIs for 15 x 787-9 (one of which is a current customer). The disappointment comes from Emirates still not finalizing their 787 orders which they announced late last year though that booking could show up (along with any other orders that were finalized since the air show) soon when Boeing releases its monthly order and delivery numbers for July in about a week.
Lastly, Boeing released it's 2nd quarter financial results last week. The 787 deferred production cost should a decrease of $449 million from the 1st quarter of this year. The total deferred costs has been reduced to $24.241 billion. Additionally, Boeing increased the accounting block for the 787 program from 1,400 airplanes to 1,500 airplanes. Thus in doing so Boeing is showing better profit margins on each 787 that they produce by spreading out the amortizing costs across a larger block of airplanes. Overall, Boeing says that the 787 program is improving the cash flow to the company especially with the higher 787-9/787-10 mix that is currently being delivered to customers.
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4 comments:
My own 90 days moving average: May through July is for 38 787 units or a 12.67 monthly rate. It should be a big September, as Boeing closes the third qtr doors with a 787 delivery burst.
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Boeing is going to redesign the 787-8 to be a 787-9 shrink instead of the odd duck it is now
https://leehamnews.com/2018/04/17/boeing-to-implement-structural-design-change-in-787-8-for-production-commonality/
Hi Uresh. I thought Air New Zealand was the launch customer for the B789, not ANA. Incidentally, I think the final AirNZ a/c is just rolling off the line as I write.
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