Business

Boeing withdraws 2019 financial forecast & pauses share buybacks amid mounting concerns over 737 MAX

The yet unresolved issues surrounding Boeings once best-selling 737 MAX aircraft have forced the worlds biggest aerospace corporation to pull its full financial forecast for the current year.

Moreover, Boeing announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

Also on rt.com 'Profitability ahead of safety & honesty: Boeing faces shareholder lawsuit over 737 MAX crashes

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts expectations, while its revenue was slightly less than projected. Boeings earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didnt reflect the impact of two crashes of the companys flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Also on rt.com What the hell do I know?: Trump roasted on Twitter for unsolicited Boeing advice Read More

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