Boeing (NYSE:BA) delivered first-quarter earnings that were in line with Wall Street expectations while revenue was lighter than expected.
The company announced it was withdrawing its full year 2019 financial forecast while Boeing works through issues surrounding its 737 Max aircraft. Boeing said the previous guidance "does not reflect 737 MAX impacts."
Additionally, Boeing said it will pause share buybacks.
Earnings per Share came in at $3.16 a share, equal to what was expected. Revenue was $22.92 billion vs. $22.98 billion expected.
Boeing said it has completed over 135 test and production flights of updated software for the 737 Max. The Federal Aviation Administration (FAA), as well as regulators around the world, grounded the airplane in mid-March after the second deadly crash in the past year.
Media reports say the company is expected to submit its plan to fix the Max to the FAA shortly.
Boeing reported a total order backlog for its commercial airplane business of $399 billion, citing more than 5,600 orders. That is down from the previous quarter, which had an order backlog of $412 billion with more than 5,900 orders.
CEO Dennis Muilenberg said, "Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public.
"As we work through this challenging time for our customers, stakeholders and the company, our attention remains on driving excellence in quality and performance and running a healthy sustained growth business built on strong, long-term fundamentals."
Shares gained $3.82, or 1%, to $377.84
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