On Monday, Boeing (NYSE:BA) confirmed that its accelerated production rate on its long-range, wide-body, twin-engine 777 jet airliner has begun to bear fruit. Today, Boeing delivered to Korean Air the first 777 produced at the new, accelerated rate of 8.3 planes per month.
Over the past 32 months, Boeing has twice increased the rate at which it produces the planes. It is now churning out 777s at the rate of 100 planes per year -- 66% faster than its production rate as recently as 2011.
In a press release announcing today's delivery, Boeing noted that since beginning production on the plane it had delivered 1,072 777s to 66 customers around the globe as of the end of January. With 1,431 total orders received, the plane has about 359 planes left to be built -- or a backlog about three and a half years long.
Regardless, like pretty much every other stock on the market, Boeing shares closed down in Monday trading. The shares were off 2.1% at $75.03 by the time the closing bell rang.
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