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The Boeing Company (BA - Analyst Report) has entered into an agreement, worth $3.2 billion, with Air Lease Corporation (“ALC”) to supply 10 units of 777-300 Extended Range (ER) airplanes.

Boeing has a long-standing alliance with ALC and aims to meet its commitments in terms of maintaining products standard along with delivery timing. The company has already received orders to deliver 185 airplanes, including 78 units of Next-Generation 737s, 80 units of 737 MAXs, 12 units of 787 Dreamliners and 15 units of 777-300ERs to Air Lease Corporation.

In Jul 2012, the company received an order from ALC, with a list-price value of $7.2 billion, to supply 60 units of 737 MAX 8 and 15 units of 737 MAX 9 airplanes along with reconfirmation rights for 25 units of additional 737 MAXs airplanes.

The Boeing 777-300ER came into service in May 2004. It is one of the long-range airplanes developed by Boeing to provide more flexibility to airline companies and ensure non-stop services for its customers.

The aircrafts, with twin-engine efficiency, can accommodate 386 passengers and cover a range of 7,825 nautical miles. These airplanes use General Electric’s (GE - Analyst Report) engines, as well as extended and raked wingtips.

Boeing’s 777 models are in high demand among airline operators due to its fuel efficiency. The operating cost of these twin-engine airplanes is 20% less than its counterparts and it emits 22% less green house gas per seat. The company has already delivered 1,072 units of 777s through the end of Jan 2013.

Boeing has received orders from 66 customers across the world to deliver 1,441 units of airplanes. In full-year 2012, Boeing delivered 83 units of 777 airplanes, 6 units more than the year-ago number.

Boeing is the largest aircraft manufacturer in the world in terms of revenues, orders and deliveries, and is one of the largest aerospace and defense contractors in the world. Its revenues are spread across more than 90 countries around the globe.

Boeing’s presence in the commercial airplanes and defense lines of business shield the performance of the company from U.S. defense budget shockwaves that are currently affecting other defense players including General Dynamics Corporation (GD - Analyst Report) and Lockheed Martin Corporation (LMT - Analyst Report).

Despite headwinds from the U.S. government regulations, the company’s backlog at 2012 end remained strong valued at a record $390.3 billion, up 9.85% year over year due to its diversified product coverage.

Chicago-based The Boeing Company currently has a Zacks Rank #2 (Buy).

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