The Latest: Boeing pulls 2019 forecast, suspends buybacks
The Latest on Boeing Co.’s quarterly results. (all times local):
Boeing is pulling its 2019 forecast over 737 Max uncertainty and says it’s suspending its stock buybacks.
The airline also provided first quarter results on Wednesday that beat Wall Street’s estimates.
Boeing Co. said its previously issued full-year guidance didn’t account for 737 Max impacts. It plans to issue a new guidance at a future date. Investors and consumers have been keeping a close eye on Boeing due to two deadly crashes involving the 737 Max. The two crashes have damaged the company’s reputation for safety, caused the worldwide grounding of about 370 Boeing 737 Max airliners, and raised questions about the U.S. government’s approval of the plane in 2017.
Boeing posted an adjusted profit of $3.16 per share on revenue of $22.92 billion. Analysts surveyed by Zacks Investment Research expected $3.11 per share on revenue of $22.26 billion.