Wednesday, 13 November, 2019

Boeing will incur $4.9 billion charge for some MAX-related costs

Boeing takes $5bn hit over grounding of 737 Max Boeing and Southwest Sued For “Collusive Relationship”
Patty Aguilar | 19 July, 2019, 06:33

Boeing Co. said it would book a almost $5 billion charge related to compensating airline customers as a result of the prolonged grounding of its troubled 737 MAX aircraft. Boeing was little changed at $361 after the close of regular trading in NY.

"Boeing should not be allowed to act like a mere investment company extracting wealth to super-charge shareholder returns at the expense of safety and quality", said Njoroge, whose wife, three children and mother-in-law died in the March 10 Ethiopian Airlines disaster.

The Calgary-based airline announced in late June that it is now scheduling without the Max 8 - grounded globally in March following two fatal crashes - until August 29, as opposed to the previously stated July 3. The Chicago-based planemaker is now reckoning with a blow to its reputation and the financial cost of getting the planes back in the air.

"We are taking appropriate steps to manage our liquidity and increase our balance sheet flexibility the best way possible as we are working through these challenges", Boeing Chief Financial Officer Greg Smith said in a statement.

"By proactively removing the MAX from scheduled service, we can reduce last-minute flight cancellations and unexpected disruptions to our Customers' travel plans", Southwest said in a press release. "The Max grounding presents significant headwinds and the financial impact recognized this quarter reflects the current challenges and helps to address future financial risks".

Southwest Airlines extended the length of time that its Boeing 737 MAX planes will remain grounded, which may be impacting Sacramento flights for the budget carrier.

The FAA "is following a thorough process, not a prescribed timeline, for returning the Boeing 737 MAX to passenger service", an agency spokesman said.

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Nintendo and Southwest began collaborating in 2013 when Nintendo was dubbed the airline's "official video game partner". They later revealed that everyone on board would get their own console, much to the delight of passengers.

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Boeing also said it was anticipating an additional $1.7 billion in costs associated with the production of the Max, which has had a factory slowdown.

The second-quarter financial results will further assume a gradual increase in the 737 production rate from 42 per month to 57 per month in 2020, and that airplanes produced during the grounding and included within inventory will be delivered over several quarters following return to service. The loss will also be the biggest in Boeing's history.

Shares of Boeing rose 1.9 per cent in after-hours trading to US$368.02.

This means the 737 will be less profitable now and in the future. "With the timing of the MAX's return-to-service still uncertain, we are again revising our plans to remove the MAX from our schedule through November 2".

United Airlines, with 14 MAX jets, posted quarterly earnings on Tuesday that showed a boost in unit revenues thanks to reduced seat capacity in the sector, though costs are seen spiking over the year due to the grounding.

Boeing faces dozens of lawsuits in US courts from families of the passengers.

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