Boeing's troubled 737 MAX will cost $1 billion to fix
The estimate was disclosed Wednesday in a presentation for investors as Boeing released first-quarter financial results, which missed Wall Street expectations. A spokesman said the estimate covered higher production costs over the next several years.
Chicago-based Boeing Co. said its previously issued full-year guidance didn't account for 737 Max impacts. It plans to issue a new guidance at a future date.Boeing reported first-quarter net earnings of $2.15 billion, down $328 million or 13% from a year earlier. Revenue slid $465 million or 2%, to $22.92, on fewer deliveries of 737s.
The company said it is making steady progress on the path to final certification for a software update for the 737 MAX, having conducted more than 135 test flights involving the retooled software which limits the plane's ability to automatically force the nose down in some circumstances. Analysts had treated the Lion Air crash off the coast of Indonesia as a one-time event and noted confidently that Boeing was working on a software fix.
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