Boeing reported a drop in earnings and sales, as the company acknowledged that concerns over the safety of its 737 Max airplanes are taking a toll on its business.The aerospace giant said first-quarter earnings fell 10% to $3.75 per share, their biggest year-over-year decline since late 2017.
Boeing's 737 Max 8 suffered two deadly crashes in a matter of months, the first in October in Indonesia with the death of all 189 people on board and then in Ethiopia on March 10, killing all 157 aboard. By Douglas MacMillan Douglas MacMillan Reporter covering corporate accountability Email Bio Follow April 24 at 8:45 AM Boeing reported a drop in earnings and sales Wednesday, as the company acknowledged that concerns over the safety of its 737 Max airplanes are taking a toll on its business.
Perhaps more troubling for investors, Boeing took the unusual step of withdrawing its estimates for future financial results, saying it could not predict sales while it is still working to update the software on the 737 Max and get the plane’s safety approved by regulators. Though the company was slow to acknowledge the severity of issues with the 737 Max, CEO Dennis Muilenburg has previously apologized for the loss of life caused by the crashes.
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