GE Aviation soars
On June 19, we wrote about how GE and Boeing were flying high at the Paris Air Show. While GE (GE) and its joint venture CFM International bagged engine and services orders, Boeing (BA) received the first order for its 737 MAX planes since they were grounded in March. Boeing also sold its other planes, including the 777 cargo.
On June 20, GE Aviation published a press release stating that the company and CFM International had bagged $55 billion worth of new orders at the Paris Air Show—and with three more days to go before the closure of the show, there could be further additions to its orderbook.
GE’s orderbook performance has surpassed the expectations of its CEO, David Joyce. On June 18, he told CNBC that GE expected to get fresh orders worth $35 billion at the show, and he expressed optimism about crossing that number. GE stock was up 1.26% in premarket trading at 8:14 AM ET on June 20.
IndiGo’s $23 billion order for 560 LEAP-1A engines was the largest-ever engine order placed by an airline. AirAsia and Avalon ordered 200 and 140 of the same engines, respectively. The GE9X engine, the largest commercial jet engine in the world, also debuted at the show. GE Aviation received eight orders for 700 of the engine.