By the Associated Press:
Boeing is reporting a second quarter loss of $2.94 billion a week after saying problems with its advanced 737 Max jet will set the company back at least $5 billion.
On a per share basis, the Chicago plane maker reported a loss Wednesday of $5.21. Earnings, adjusted for non-recurring costs, were $2.92 per share. Wall Street had been expecting a loss of $1.85, according to a survey by Zacks Investment Research.
Revenue reached $15.75 billion, well short of the $17.98 billion industry analysts had expected.
Boeing’s CEO says the company will consider temporarily suspending production of the 737 Max if the plane doesn’t return to flying this fall. The Max has been grounded worldwide since March after deadly accidents in Indonesia and Ethiopia.
Officials with Spirit Aerosystems issued a statement Wednesday saying that the company is working with Boeing to assess the ongoing situation, and the company will work to minimize the impact on employees. Spirit plans to maintain a production rate of 52 airplanes a month on the 737 Max, but the company has reduced hours for around 4,000 employees because of the problems with the aircraft.
