Boeing 737 MAX

Boeing lost plane orders in 2019 for the first time in decades

Dennis Muilenberg
Photo: Olivier Douliery/AFP via Getty Images

Boeing had more canceled orders than new purchases in 2019, following two deadly crashes and the grounding of the 737 MAX jet, CNBC reports.

Why it matters: It's the first time the company has posted negative orders in at least three decades, according to a spokesperson. The company lost a total of 87 orders for commercial airplanes, while its European competitor Airbus logged orders for 768 new planes, per CNBC.

The fallout from Boeing's 737 MAX suspension could have a big impact

Boeing 737 MAX aircrafts
Boeing 737 MAX aircrafts on Oct. 23, 2019. Photo: David Ryder/Getty Images

After it laid off 2,800 employees last week, citing "ongoing uncertainty" related to Boeing’s 737 MAX jet, Moody's downgraded the secured debt of airplane parts supplier Spirit AeroSystems and handed it a Ba2-PD Probability of Default rating.

What it means: Wichita, Kansas-based Spirit gets about half of its annual revenue from supplying parts for the MAX, which has been grounded for months following two fatal crashes and remains in a production halt indefinitely.