Boeing CEO says company will have to "re-earn" public trust
After Boeing's first earnings report since the second deadly 737 MAX crash, Dennis Muilenburg said Wednesday his top priority was the aircraft's "safe return of service" after a global grounding, and admitted the company will have to "earn and re-earn the trust of the flying public."
Between the lines: In his first extended comments since March's Ethiopian Airlines crash, Muilenberg gave no new updates on the aircraft's flight control software fix or new guidance on when the 737 MAX will be back in service. The company said it will take a $1 billion hit for the the global grounding of its biggest cash machine.
- Boeing's profits fell 13% from the same period a year ago — in line with what Wall Street expected — reflecting fewer deliveries of the 737 MAX jets.
- The company said it was suspending its 2019 financial guidance "due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet" and would pause its share repurchase program to reserve cash.
Editor's note: This story has been updated to include details from Boeing's earnings call.