Boeing profit slumps 53% as MAX grounding takes heavy toll

Boeing Co reported a 53 per cent drop in quarterly profit on Wednesday as the world’s largest plane maker was hurt by the grounding of its best-selling 737 MAX jets.

The company had a negative free cash flow of 2.89 billion dollars in the quarter, compared with a positive free cash flow of 4.10 billion dollars a year earlier.

Core operating earnings fell to 895 million dollars or 1.45 dollars per share from 1.89 billion dollars or 3.58 dollars per share, a year earlier. (Reuters/NAN)