The Boeing Company (NYSE:BA) shares are moving lower on Tuesday after the company reported a decline in October deliveries. Here's what you need to know.

What To Know: According to CNBC, Boeing delivered 14 aircraft throughout October, the lowest number of deliveries since Nov. 2020.

This comes after thousands of Boeing employees agreed to return to work last week, following the approval of a new four-year contract. The agreement includes a 38% wage increase over the next four years, along with enhanced retirement benefits.

Although workers agreed to return to work last week, 737 production was halted until today. The company predicts that that it will take several weeks for production to fully restart.

"It's much harder to turn this on than it is to turn it off," CEO Kelly Ortberg said during the company's quarterly call last month per CNBC. "So it's absolutely critical that we do this right."

Bank of America, in a note, provided its expectations for Boeing's production ramp up.

The bank said, "Therefore, AAP/AIR projects that production will initially resume in the upper teens, with production potentially returning to pre-strike mid-20s levels during 1Q25."

Boeing has only made one 737 delivery so far in November. Several deliveries are currently a work in progress but the timeline for completion is unclear.

BA Price Action: At the time of writing, Boeing stock is moving 2.46% lower at $145.27, according to data from Benzinga Pro.

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