Boeing Beats Goal on ’98 Jet Deliveries
Boeing Co. said it delivered 550 commercial jetliners this year, meeting its 1998 goal and beating the beleaguered airplane maker’s recent projection that it would deliver 546 planes. Seattle-based Boeing has suffered several setbacks this year, forcing it to cut production and jobs in response to weak Asian economies and competition from its European rival Airbus Industrie. Alan Mulally, newly named president of Boeing’s Commercial Airplane Group, said the company’s success in meeting the production goal and its expectations of exceeding it in 1999 by delivering about 620 jetliners shows “a clear sign of improvement.” Since September, Boeing has warned of lower earnings in the coming year and announced plans to eliminate up to 38,000 jobs by the end of 1999 and an additional 10,000 jobs in 2000. Its work force peaked at 238,000 in June. Boeing shares fell 25 cents to close at $31.81 on the NYSE.