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Boeing posts loss of 3 bln USD in Q2 from 737 MAX impact
2019-07-26 Author:Xinhua Source: Views:1158
U.S. top aircraft manufacturer Boeing Company on Wednesday posted a loss of about 3 billion U.S. dollars in earnings for the second quarter of 2019 as a result of the global grounding of 737 MAX airplanes.
Boeing said its quarterly revenue nosedived by 35 percent to reach 15.8 billion dollars, compared to 24 billion dollars in the same period of last year, as its best-selling 737 MAX jets remained grounded globally since mid-March this year over the two deadly crashes that killed 346 people in Indonesia and Ethiopia.
The company said the second-quarter revenue of 15.8 billion dollars and GAPP loss of 5.21 dollars per share reflected the previously announced 737 MAX charge that cut revenue by 5.6 billion dollars and earnings by 8.74 dollars per share.
Boeing said last week that it would take 4.9 billion dollars in after-tax charge to cover possible compensation to airlines that have canceled thousands of flights of the 737 MAX jets, two of which crashed in Indonesia last October and in Ethiopia in March this year.
Boeing said its Q2 revenue loss was partially helped by better operations earnings from its defense, space, security and service business, which increased 159 percent to hit 975 million dollars, compared to 376 million dollars in the same period a year before.
The company's defense sector generated 6.6 billion dollars in revenues for the quarter, up 8 percent from the figure of 6.1 billion dollars in 2018.
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