Boeing and GE Reap Billions in New Aircraft Deals
Boeing Co. (NYSE:BA) announced the aircraft manufacturer has bagged an order worth $18 billion from Emirates Airline of Dubai, U.A.E., for 50 jets of its 777-300 model extended-range aircraft. The Boeing 777 can carry as many as 365 passengers across almost 15000 km (about 8000 miles).
General Electric (NYSE:GE) also benefitted from the deal by signing a 12-year, $6 billion contract with Emirates Airlines to provide and maintain engines for the carrier’s new fleet of Boeing 777-300ER jets.
The order creates history of sorts for Boeing (NYSE:BA): the purchase is the largest dollar-value order it has ever received. Emirates has also taken options on 20 more jets valued $8 billion.
Coming after its previous single-year record booking of 154 777 jets in 2005, this order brings the tally for 2011 to 182 planes — a new all-time record.
Emirates Chairman and Chief Executive Sheikh Ahmed bin Saeed al Maktoum said in a statement the order reflected the airline’s strategy to grow the non-stop, long-haul routes in its international network.
Here’s how Boeing and General Electric are trading on the news:
- Boeing Co. (NYSE:BA): The shares recently traded at $68.64, up $1.72, or 2.57%. Its market capitalization is $51.02 billion. They have traded in a 52-week range of $56.01 to $80.65. Volume today was 1,997,353 shares versus a 3-month average volume of 6,064,120 shares. The company’s trailing P/E is 13.58, while trailing earnings are $5.05 per share. The company pays a dividend of $1.68 per share for a dividend yield of 2.50%. About the company: The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide. The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems. Get the most recent company news and stock data here >>
- General Electric Co. (NYSE:GE): The shares recently traded at $16.18, down $0.12, or 0.74%. Its market capitalization is $170.78 billion. They have traded in a 52-week range of $14.02 to $21.65. Volume today was 6,063,938 shares versus a 3-month average volume of 71,902,900 shares. The company’s trailing P/E is 12.38, while trailing earnings are $1.31 per share. The company pays a dividend of $0.60 per share for a dividend yield of 3.70%. About the company: General Electric Company is a diversified technology, media and financial services company. The Company offers products and services ranging from aircraft engines, power generation, and water processing technology to medical imaging, business and consumer financing, media content and industrial products. General Electric conducts operations globally. Get the most recent company news and stock data here >>