Boeing deliveries hammered by 737 MAX groundings

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As expected, the company took no new orders in April for the narrowbody jets as it continues to work on a software fix for the plane’s anti-stall system MCAS.

Deliveries of the aircraft were stopped in early March, a few days after an Ethiopian Airlines plane crashed, killing all 157 people on board, in the second fatal accident involving the 737 MAX in just five months.

Last month Boeing abandoned its 2019 financial outlook, halted share buybacks and said lowered production of the fastest-selling 737 MAX jets in the wake of the groundings had cost it at least $1 billion.

Boeing recognizes full payment for planes when they are handed over to customers, and the formal grounding of the 737 MAX in almost all global airspace has completely halted deliveries.

At the end of March, Boeing had 91 net orders, but the company’s leasing and lending services unit Boeing Capital moved four of its 737 MAX delivery slots to a lessor.

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                                                                                                                            Reported by Miss Vicky from Cargofee