An aerial photo shows Boeing 737 MAX airplanes parked on the tarmac at the Boeing Factory in Renton, Washington earlier this year.
By Douglas MacMillan Douglas MacMillan Reporter covering corporate accountability Email Bio Follow April 23 at 11:40 AM Strong sales of commercial jets and cash payouts to investors have made Boeing a Wall Street darling. Now the aerospace giant is preparing to deliver its worst financial results in nearly two years, as a worldwide grounding of its flagship jet puts the future of its biggest cash generator in doubt.
CEO Dennis Muilenburg has apologized for the loss of life caused by the crashes. He said earlier this month that Boeing is working with customers to minimize the financial impact of the grounding and the slower rate of new plane production. Investors usually like buybacks because they reduce the total shares in the company, making each share more valuable. Critics argue Boeing should invest more of that cash in the business, building new technology or raising worker wages and benefits. Boeing has spent $11 billion on research and development over the past three years, slightly more than rival Airbus, which spent $9.2 billion on R&D over the same period.
Commercial planes made up 60% of Boeing’s sales last year, with defense products, such as helicopters and missile systems, accounting for 23%. Boeing has a backlog of orders for more than 4,000 737 Max planes, making it the company’s biggest growth engine for years to come. Airlines hoping to buy the planes don’t have much choice other than waiting for Boeing’s fix. The only other manufacturer with a competing offering is Airbus, which has its own long backlog of orders to work through. But the airlines could choose to cut or cancel their orders, as Indonesia’s national airline Garuda Airlines said last month it planned to do.
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