Though Boeing’s overall earnings are down and the company has not committed to future projections, it is reporting higher earnings in some sectors and that they are working on a fix for the MAX.
Due to the crisis that has grounded its once-popular 737 MAX, Boeing’s earnings fell during the first three months of 2019.
The manufacturer reported first-quarter revenue of $22.9 billion, GAAP earnings per share of $3.75 and core earnings per share of $3.16, reflecting the lower 737 deliveries.
However, it said that the reduction was partially offset by higher earnings in the defense and services sectors.
Boeing concluded that “the first quarter’s operating performance was highlighted by key defense wins, strong commercial widebody performance and orders, continued robust services growth, and receiving Embraer shareholder approval for the proposed strategic partnership.”
Nevertheless, the company also noted that the previously issued 2019 financial outlook was no longer reliable due to the crisis, but claimed that the uncertainty of the situation requires that it leaves further projections for a future date.
Fixing the problem
The company claims it is making steady progress on the path to final certification for a software update for the 737 MAX, with over 135 test and production flights of the software update complete.
Additionally, it asserts that it continues to work closely with global regulators and their airline partners to fully test the software and finalize a complete package of training and educational resources.
“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,” said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg.