Boeing Suffers Huge Earnings Miss

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.

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