Boeing revenue slumps 53% as MAX grounding takes heavy toll

FILE PHOTO: The Boeing logo is displayed on a screen, at the New York Stock Exchange (NYSE) in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – Boeing Co (BA.N) reported a 53% drop in quarterly profit on Wednesday, as the world’s largest planemaker was hurt by the grounding of its best-selling 737 MAX jets.

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

Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier.

Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila

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