Boeing Co on Wednesday abandoned its 2019 financial outlook, said it halted share buybacks in mid-March, and announced $1 billion in increased costs due to the grounding of its 737 MAX jets.
Chicago-based Boeing is facing one of the biggest crises in its history following crashes involving its fastest-selling jetliner, one on Lion Air in Indonesia on Ocober 29 and another on Ethiopian Airlines on March 10, which together killed all 346 on board.
The world’s largest planemaker reported first-quarter revenue and cash flow below sharply lowered Wall Street estimates, largely due to stopping deliveries of the 737 MAX jets, which were grounded in March after the two crashes.
