This archive report was first published on 23 October 2019.
October 23, 2019 - Boeing's struggles with the 737 Max crisis have led to sharp quarterly drops in sales, earnings, and airplane deliveries, the company reported on Wednesday.
With the Max still grounded, Boeing has ceased deliveries of its most popular product, throwing the company into turmoil and miring it in the biggest crisis of its 103-year history.
Boeing's sales fell 21 percent from the same period last year to $20 billion, while earnings dropped 43 percent to $1.26 billion.
The commercial airlines division lost $40 million over July through September, a significant decline from the more than $2 billion it earned during the same period a year ago.
Commercial airline deliveries plummeted 67 percent in the quarter, with Boeing delivering just 62 planes.
Boeing's chief executive, Dennis A. Muilenburg, said in a statement, 'Our top priority remains the safe return to service of the 737 Max, and we're making steady progress.'
However, the company did not provide an update on the total amount it expects the Max crisis to cost the company, and further delays could cause it to temporarily shut down production of the plane, a move that would have sweeping financial consequences.
