Tag: fallen

Categories
Health

Boeing says its 777X orders have fallen by a 3rd after supply delays

Boeing says its 777X orders have fallen by a third after delivery delays

A Boeing 777X aircraft flies over the Boeing Everett Factory

David Ryder | Reuters

Boeing cut its backlog of 777X aircraft by more than a third after the aerospace giant announced new delays for the debut of its newest aircraft, according to a new securities filing.

The Chicago-based manufacturer said last week it doesn’t expect the 777X to go live by the end of 2023, more than two years later than previously expected. According to Boeing on Monday, the 777X order list at the end of 2020 was 191 compared to 309 in the previous year.

Boeing routinely removes aircraft from its order book because a billing rule dictates how orders that are at risk of being canceled are logged. In general, aircraft purchase agreements make it easier for customers to cancel orders when aircraft are delayed.

Boeing charged a $ 6.5 billion fee for delays on the 777X in the fourth quarter.

The company has removed hundreds of 737 Max orders from its order book under similar accounting rules and full cancellations. These narrow-body aircraft, Boeing’s best-selling jetliner, are flying passengers again after almost a while grounding for two years after two fatal accidents.

Boeing said last week that additional regulatory scrutiny of the larger 777X aircraft after the Max crashes, as well as weaker customer appetite for new aircraft amid the pandemic, would add to delays in the delivery of the wide-body aircraft.

Categories
Business

Restaurant income has fallen, regardless of supply growth

Restaurant revenue has fallen, despite delivery boom

The graph shows the weekly US restaurants

Source: UBS Evidence Lab

U.S. restaurant revenue declines as take-out and delivery contracts fail to make up for lost sales.

UBS Evidence Lab found that restaurant sales fell 69% for the week ended November 29. In the same week, takeaway sales and delivery increased 59%. However, total restaurant revenues remained in the red.

Industry experts predicted winter would further exacerbate restaurants’ problems during the coronavirus pandemic. Cold temperatures mean fewer customers are willing to eat outside, even if the facility provides heat lamps and blankets.

The winter weather has also spurred an increase in new Covid-19 cases, making consumers more cautious about eating and prompting governors and mayors to impose another round of restrictions on restaurants. New York City has once again banned indoor dining, while Los Angeles has suspended personal dining.

The pandemic has undoubtedly accelerated the shift to food delivery. EMarketer predicts that total third-party digital revenue will more than double this year to $ 44.94 billion.

Investors have closely followed the growth of third party suppliers. DoorDash, which made its public debut in early December, is up 55%. Its $ 50.3 billion market value surpasses that of Chipotle Mexican Grill, Taco Bell owner Yum Brands, and Domino’s Pizza.

However, delivery and takeaway sales won’t be enough to save some restaurants if these sales trends continue. The National Restaurant Association estimates that 110,000 establishments have already closed due to the pandemic. The new Covid bill, passed by Congress late Monday, means restaurants can apply for funding for the paycheck protection program. However, trade groups hope for more targeted help when President-elect Joe Biden takes office.