Boeing and IAG (the parent company of British Airways), announced the airline has committed to purchasing up to 42 777X airplanes, including 18 orders and 24 options.
London-based IAG also took options on an additional 24 aircraft, it said Thursday in its annual earnings release.
British Airways will use the wide-body jets to replace its fleet of 34 Boeing 747, which are due be retired by early 2024.
The order was announced as IAG reported annual profit that beat analysts’ estimates. Adjusted operating profit advanced 9.5 percent to 3.23 billion euros, IAG said in an emailed statement. That beat the 3.15 billion-euro average estimates of analysts.