Boeing announced today that the grounding of their 737 MAX 8 aircraft last month has cost the company at least $1 billion so far.
Boeing Reported $1 Billion Loss So Far on 737 MAX 8 Grounding
In the wake of two deadly crashes of its 737 MAX 8 aircraft in 5 months, regulators around the world grounded the aircraft once the similarities between the two crashes started to emerge. One of the most popular aircraft in the world, the 737 MAX 8 has been grounded for a little over a month and the financial toll on Boeing is starting to show.
Ahead of an earnings calls with investors, Boeing announced that the initial financial toll of the company’s balance sheet tops $1 billion and that the company’s financial forecast needed to be withdrawn until the full extent of the losses from 737 MAX 8 crisis are better known.
The company has also announced that they would be halting stock buybacks for the time being.
“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,” Dennis Muilenburg, Chairman and CEO of Boeing, said in a statement.
This story is developing.