Boeing's revenues plunge 35% to $15.7B in Q2

Wednesday, 24. July 2019 13:31

The Boeing Co. reported on Wednesday revenues of $15.75 billion in the second quarter of 2019, marking a 35% drop from the same period a year ago. After earning $3.73 per share in the second quarter of 2018, the airplane manufacturer experienced a loss of $5.21 in the last reported quarter. In the same period, net loss was $2.94 billion, a plunge of 234.24$ in annual terms. The figures took into account the previously announced 737 MAX charge, reducing revenue by $5.6 billion and earnings by $8.74 per share, the release noted. Operating cash flow plummeted to a negative $590 million, from $4.68 billion a year ago.

Boeing said it will issue a new guidance "at a future date," which will consider the uncertainties related to the 737 MAX., as it seeks to "safely return the MAX to service."

"This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "During these challenging times, teams across our enterprise continue to perform at a high level while delivering on commitments and capturing new opportunities driven by strong, long-term fundamentals."The operating margin was 21.5% in the negative for the three months through June, the financial report showed, down from 11.2% in the

Stocks were down 0.55% in premarket trading on Wall Street, following the release of the report.

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Breaking the News / NI