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Boeing to take $4.9 billion hit due to 737 MAX grounding; Executives could face lengthy prison terms over crashes

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Boeing to take $4.9 billion hit due to 737 MAX grounding; Executives could face lengthy prison terms over crashes

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Boeing on Thursday said it will take a $4.9 billion charge in the second quarter due to the worldwide grounding of its 737 Max planes after two fatal crashes that killed 346 people. The charge, which comes to $8.74 a share, is set to wipe out profits. 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 charge would reduce revenue and pre-tax earnings by $5.6 billion in the quarter, Boeing said. 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 shares rose 2% in postmarket trading after the manufacturer disclosed the charge.
Source: Boeing to take $4.9 billion hit due to 737 MAX grounding; Executives could face lengthy prison terms over crashes
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