An aerial photograph shows Boeing 737 MAX planes parked on the tarmac in the Boeing Factory in Renton, Washington, U.S. March 21, 2019.
Lindsey Wasson | Reuters
Boeing reported third-quarter results on Wednesday that handily missed expectations for earnings, while earnings continued to slide. The aerospace giant didn’t offer an upgrade to its full year forecast, which it suspended earlier this season.
Expectations vs. results:
- EPS: $1. 45 a share vs. $2. 09 a share expected based on some Refinitiv poll of Wall Street analysts.
- Revenue: $19. 98 billion vs. $19. 67 billion anticipated according to a Refinitiv poll of Wall Street analysts.
The organization has been under scrutiny after two mortal Boeing 737 Max crashes killed a joint 346 individuals in the last year. Boeing took a $4.9 billion after-tax charter in the preceding quarter, for capital to compensate airlines for the FAA’s grounding of the 737 Max airplanes in service.
However, though Boeing has developed a software fix for its implicated flight-control system which misfired in both crashes, national regulators have yet to set a deadline for its certifying the 737 Max for flight. Furthermore, last week that the people learned that Boeing’s former lead pilot had warned about issues together with the flight-control systems. That pilot, Mark Forkner, said in an email to an FAA official he had been “jedi mind-tricking regulators into accepting training the training that I got accepted by FAA etc.” The FAA last week said Boeing withheld these “concerning” messages for weeks from regulators.
The tragedy has seen two executive leadership changes in the past month, together with the elimination of the head of Boeing’s commercial airplane division Kevin McAllister shortly after the board stripping CEO Dennis Muilenburg of his chairman role.
Muilenburg is scheduled to testify before a Congressional transportation panel on Oct. 30.