Boeing news for Friday about its plans to deal with the 737 MAX controversy has BA stock up.
Boeing (NYSE:BA) says that it will be paying out $4.9 billion to handle the issues surrounding the 737 MAX. This will have the company registering this as an after-tax charge that will appear in its second-quarter earnings report. This will have the company’s revenue dropping $5.60 billion during the quarter.
The Boeing news release says that the company will be using these funds to pay out concessions to those affected by the 737 MAX groundings. This includes covering delays in shipments and making payments to customers.
While the Boeing news notes that the company will be paying out this money, it won’t be doing it all at once. Instead, this charge will cover potential payouts from the company over the next several years.
This Boeing news release also reveals when the company assumes the 737 MAX will return to the skies. The company says that it is currently expecting the aircraft to be able to take flight again early in the fourth quarter of 2019.
Boeing also points out that issues around the 737 MAX have yet to be reflected in its guidance for 2019. It says that it will be providing an updated guidance for the year at a future date. It will be releasing its earnings report for the second quarter of the year on July 24, 2019.
BA stock was up 3% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2019/07/boeing-news-has-ba-stock-up/.
©2019 InvestorPlace Media, LLC
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