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.



READ SOURCE

READ  Pakistani Islamists call for Dutch envoy's expulsion over cartoons

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here