Boeing abandons 2019 outlook

Boeing on Wednesday abandoned its 2019 financial outlook, said it had halted share buybacks in mid-March and announced $1 billion in increased costs due to the grounding of its 737 MAX jets.

Chicago-based Boeing is facing one of the biggest crises in its history following crashes involving its fastest-selling jetliner, one on Lion Air in Indonesia on October 29 and another on Ethiopian Airlines on March 10, which together killed all 346 on board.

The world’s largest plane maker reported first-quarter revenue and cash flow below sharply lowered Wall Street estimates, largely due to stopping deliveries of the 737 MAX jets, which were grounded in March.