In a world growing increasingly euphoric about the imminent conclusion of the COVID pandemic, moments ago Boeing shares also joined in the "reset" party, surging 3% after the company reported its first backlog growth since November 2019.

In its latest monthly update, the company announced that in February it booked 82 new gross orders, taking its gross total for the year so far to 86 planes.

While 51 jet orders were canceled; with the order backlog growing by 31 new planes, the company's first positive net orders since November 2019 as COVID-19 vaccine rollouts boosted the confidence of its airline customers. The company also announced that it delivered 22 aircraft in February, up from 17 a year earlier.

The February orders include 25 737 MAX jets for United Airlines announced earlier in March, 14 737 MAX aircraft for unidentified customers and 27 KC-46 tankers for the U.S. Air Force announced in January. Singapore Airlines also ordered 11 777X jets as part of a conversion deal announced last month that includes the cancellation of 19 of its 787-10 jetliners. The rest of February’s cancelations were 32 737 MAX planes, including 15 by Canada’s WestJet, eight by lessor Jackson Square, seven by Panama’s Copa Airlines, and one order each for BOC Aviation and a business jet customer. Of note, no new 787 jets were delivered.

As a result of the new orders, Boeing’s order backlog stood at 4,041 aircraft as of end-February versus 4,016 jet orders as of January.

February deliveries include 18 737 MAX jets, three wide-body planes, and one P-8 military jet, but no 787 jet deliveries for the fourth straight month.

And while hardly the blockbuster prints the company reported before the 737MAX/COVID fiasco, the positive reversal in the net backlog after two years of declines was greeted by investors who sent BA stock surging over 3%.

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