Boeing’s profit takes big hit after 737 MAX groundings

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Boeing Co reported a 21 percent fall in first-quarter profit on Wednesday and suspended its 2019 outlook as the world’s largest plane maker worked to get its 737 MAX jets back in the air after two deadly accidents.

Boeing said it would take an initial hit of more than $1 billion on the global grounding of the 737 MAX jetliner following two fatal crashes as the plane maker suspended full-year financial guidance.

The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.

Excluding certain items, Boeing said its core earnings fell to $1.99 billion (£1.5 billion), or $3.16 per share, in the quarter ended March 31 from $2.51 billion, or $3.64 per share, a year earlier.

 

Via Reuters/Wall Street Journal/Boeing

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