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Industry Top Trends Mid-Year 2020 Update: North American Aerospace & Defense

What’s changed post-COVID? Aircraft demand collapsed. With global air travel likely down more than 50% in 2020, airlines are deferring or canceling orders for new aircraft, prompting Airbus SE and Boeing Co. to cut production 30%-40%. This is depressing earnings and cash flow for many firms, some already affected by the Boeing 737 MAX grounding, resulting in numerous downgrades and outlook changes.