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Strike at Boeing Trims Jet Deliveries in 3rd Quarter

October 05, 2005|From Bloomberg News

Boeing Co. said Tuesday that third-quarter commercial jet deliveries fell 7.5% as last month's strike by machinists halted production, putting its annual delivery forecast in jeopardy.

Sixty-two planes were delivered in the quarter, down from 67 a year earlier. Only six went to buyers during the 28-day strike, bringing total deliveries this year to 217, the company said.

Airbus, which surpassed Boeing in 2003 as the top maker of commercial aircraft, delivered 82 planes to airlines and leasing companies in the quarter.

Boeing said in mid-September that as many as 30 deliveries would be delayed because of the strike, which ended Thursday. Chicago-based Boeing may boost overtime to reach its target of 320 deliveries in 2005, spokesman Peter Conte said.

"That's going to be pretty challenging," said D.A. Davidson & Co. analyst JB Groh. "They will have to do more planes per month in the next three months than they have all year, and that is going to cost them some overtime."

Boeing needs to deliver 103 by Dec. 31 to make its 2005 target.

The International Assn. of Machinists and Aerospace Workers ratified a three-year pact that boosted pension payments by 17% and left healthcare premiums paid by workers unchanged from the previous contract.

Shares of Boeing rose 81 cents Tuesday to $67.95.

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