Europe-based Airbus announced it had delivered 483 aircraft in 2008, up 30 from 2007, and 108 more than Boeing's 375, which was down 66 from 441 delivered in 2007.
Airbus also bested Boeing in net orders for 2008, 777 to 662. The two giants also finished the year statistically equivalent in order backlog, with Airbus boasting a backlog of 3,715 compared to Boeing's 3,714.
For Boeing, a difficult year
Stock Analyst C. Leonard Bauer said Boeing had "a trying operational year," hurt by an 8-week machinist strike and further delays in the roll-out of its signature, next-generation plane, the 787 Dreamliner. Had the strike not occurred, Boeing would have approached Airbus in deliveries in 2008 and recorded more than 460 deliveries, he said.
The Boeing Company (NYSE: BA)'s shares closed Friday up $1.50 to $42.46. Shares of Airbus' parent EADS closed up 5 euro cents to 12.72 euros.
Further, Boeing also was hurt by additional 787 delivery delays, Bauer said. Boeing pushed back the 787's first flight test to Q2 2009, and its initial delivery to Q1 2010. That amounts to a two-year delivery delay for the next-generation plane that's expected to be 30% less expensive to maintain than comparable aircraft, including substantial fuel efficiency gains.
"The events of 2008 are not something Boeing wants to repeat," Bauer said. They essentially invigorated Airbus by shortening Boeing's delivery time advantage over Airbus' A350, the competitor to the 787, and by creating doubt about its 787 plane delivery capabilities, he said. Airbus expects to deliver its first A350 in 2013. Bauer added that he does not have a rating on or own shares in any aerospace company.
More than 50 carriers have booked orders for 910 787 Dreamliners, worth about $157 billion in sales, Bauer said, adding that airlines typically are able to negotiate a price below a plane's listed price.
Still, the biggest 'competition' for each company may prove to be not the rival, but the recession, Bauer said.
"Clearly, the global recession is the biggest operational hurdle now for both Boeing and Airbus. If global conditions don't show signs of improvement by mid-2009 with visibility of stronger GDP growth in emerging markets, airlines will begin to cancel plane orders and delay others," Bauer said. "For the next three or four quarters economic conditions will be the biggest headwind each company will face."
Sector Analysis: Airplanes are a major export strength -- and one of the few manufacturing strengths -- for the United States. If airlines even delay reception of ordered planes, that would be another negative for U.S. GDP, and for the recovery's timetable. Here's hoping they don't. Stay tuned.
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