Boeing, others, see lift in prospects

FARNBOROUGH, England, July 19 (UPI) -- Airline industry executives at the Farnborough International Airshow in southern England expressed optimism the industry was on an upswing.

U.S. plane-maker Boeing and European competitor Airbus took in orders for 180 new planes in the first day of the show, netting $24 billion of business in the day, The New York Times reported.

"The market is coming back and I feel very confident about how we are positioned," said James Albaugh, chief executive officer of Boeing's commercial aircraft operation.

Albaugh said the prolonged recession had left the market with "a lot of pent-up demand."

"Financing has stabilized and we are seeing new leasing companies enter the marketplace," he said.

Tim Mahoney, president and CEO at Honeywell Aerospace said, "I would say we are way beyond the leading edge of the recovery."

The manufacturers' optimism is drafting off of a report last month by the International Air Transport Association that said commercial carriers would make a $2.5 billion profit in 2010, after losing $9.9 billion in 2009, when the recession and spiking oil prices to hammered profits.

"We are seeing evidence of that (recovery) in several different segments, including flight hours, passenger numbers and freight traffic," Mahoney said.