Boeing said its loss for the three months ending in June came in at $5.82 per share, compared to a profit of $3.33 per share over the same period last year, after booking a charge of nearly $5 billion linked to the grounding of its flagship 737 MAX aircraft, the company's most profitable plane. Group revenues, Boeing said, were pegged at $15.8 billion.
The group said it wouldn't publish further earnings guidance until a late date, and stressed that prior forecasts didn't reflect the 737 MAX impacts.
"This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said CEO Dennis Muilenburg. "During these challenging times, teams across our enterprise continue to perform at a high level while delivering on commitments and capturing new opportunities driven by strong, long-term fundamentals."
Boeing shares were marked 1.2% lower following the earnings release to change hands aty $368.30 each. That move shows a 12.8% decline for Boeing shares since the March 10 crash of Ethiopian Airlines Flight 302.
Boeing said last week that the 737 MAX charge would reduce its second quarter earnings and revenue by a collective $5.6 billion, calling it an estimate of "potential concessions and other considerations to customers" owing to the 737 MAX grounding, as well as production delays, following two deadly crashes over a six month period that killed 346 people.
Boeing also said 737 production costs had increased by around $1.7 billion in the second quarter, and could likely compress margins for the flagship carrier going forward, but sees regulatory approval for the aircraft's return to service in the U.S. and elsewhere early in the fourth quarter.