Workers stand near Boeing 737 MAX airplanes as they sit parked at a Boeing facility adjacent to King County International Airport, known as Boeing Field, on May 31, 2019 in Seattle, Washington.

David Ryder | Getty Images

Boeing on Thursday said it will take a $4.9 billion charge to the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes.

The charge, which comes to $8.74 a share, is set to wipe out any profit. Analysts expected the company to book a per-share profit of $1.80 for the second quarter, according to average estimates compiled by Refinitiv.

The 737 Max jets have been grounded since mid-March and regulators have not said when they expect to allow the planes to fly again. 

Boeing is set to report full second-quarter results on Wednesday. Boeing’s stock was down 1.5% in postmarket trading.

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

Millennial investors in this state have the highest liquid net worth: survey
What Trump does before trade deadline is the ‘wild card’ that will drive markets in the week ahead
Coca-Cola CEO says the beverage giant waited too long to make a sparkling water brand
FAA predicted fatal risks in 737 Max but allowed it to keep flying before second crash, document shows
Wall Street bets international stocks will top US equities in 2020 after a decade-long slump

Leave a Reply

Your email address will not be published. Required fields are marked *