Earnings from operations reported today were off $525m; net earnings were down $328m.
The press release is here.
The stock market took the news in stride; pre-market trading saw Boeing stock rise more than $6 (1.66%) an hour before opening.
The MAX was grounding March 13, affecting only two weeks of the first quarter. The full impact is to come. As a result, Boeing suspended guidance for the year and will reissue it at a later date.
Cash flow, the key measure followed by the aerospace analysts, was off $348m. Dividends and stock buybacks completed before the grounding remained strong. Boeing took on $1bn in new debt.
Higher revenues from its defense and services units helped offset some of the revenue decline from the commercial airplanes unit.
Boeing did not predict in its press release when the MAX will return to service.
“The previously issued 2019 financial guidance does not reflect 737 MAX impacts,” the company said it the press release. “Boeing is making steady progress on the path to final certification for a software update for the 737 MAX, with over 135 test and production flights of the software update complete. The company continues to work closely with global regulators and our airline partners to comprehensively test the software and finalize a robust package of training and educational resources.”