GKN Aerospace posts early gains, Boeing positive on 2011 outlook
Shares in UK aerospace and automotive manufacturer GKN Aerospace gained 4.4% on Friday, with the company entering 2011 looking to continue the positive momentum it generated over 2010.
The company secured a major Airbus structural manufacturing contract in Dec-2010, a major win for it on top of other multi-year contracts last year from Boeing, Bombardier, Pratt & Whitney, GE and Rolls-Royce, relating to next generation aircraft. Meggitt, another UK aerospace manufacturer, eased 0.3% on Friday.
Elsewhere, Boeing announced it hit its 2010 delivery target, delivering 462 commercial aircraft to customers over the year. The manufacturer booked 530 net orders for the year, compared to just 142 orders in 2009. Boeing expects airlines to be profitable in 2011 and continue ordering. The manufacturer is raising production for its popular B737NG and B777 families, to meet higher demand, but has not yet been able to finalise a new delivery schedule for the B787. Shares in Boeing were up 0.8% on Friday, while EADS was up 0.4%, Embraer eased 0.3% and Bombardier slipped 2.8%.
Selected original equipment manufacturers' share price movements: (% change): 07-Jan-2011