Boeing missed earnings estimates in its 2nd quarter earnings results released today, suffering its biggest quarterly loss in decades after the worldwide grounding of its 737 Max fleet. After reporting a loss of $5.82 per share (including charges accrued from the 737 Max) versus market estimates of a $1.85 loss per share, Boeing slumped at market open to an intraday low of $366. Revenues also fell by 35% to $15.75 billion, and free cash flow stood at -$1.01 billion.
These awful figures are coming on the back of a huge drop in its airplane sales reported earlier in the month, and this brought commercial aircraft revenue down by 66% to $4.72 billion.
The company has declined to provide guidance as to its full year expectations. The company expects the grounded fleet to return to service in Q4 2019.