After two deadly crashes due to software issues on its 737 Max jets, Boeing’s business is flailing.
Wednesday morning the company reported its quarterly earnings, and profits fell by about 21%, compared to the same quarter the previous year. And despite the fact that analysts revised their revenue expectations, Boeing still wasn’t able to even hit that mark.
Here are a few highlights:
- Boeing’s quarterly revenue hit $22.92 billion this past quarter, compared to the $22.98 billion expected.
- The company saw $3.16 earnings per share, missing the $3.25 EPS expectation.
- Profits fell to $1.98 billion, compared to the $2.51 billion Boeing made in Q1 of 2018.
Meanwhile, the company itself isn’t sure it’s going to make a full recovery this year. Boeing announced to investors that it is pausing share buybacks as well as withdrawing its forecast for the rest of the year. The company said it will release guidance at a “future date,” since the company is still mired in uncertainty due to the grounding of the 737 Max planes.
Orders are lagging, too, with its backlog down by a significant chunk of what it was last quarter. Business Insider reports that Boeing has received no new orders for the 737 Max jet, which analysts believe would have represented about a third of its revenue over the next five years.
Boeing’s stock has been topsy-turvy all morning, and is currently up by a little more than 1%.