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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.


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Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

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According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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28 killed in Portugal bus crash, many German tourists

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A bus reported to be carrying tourists, including many from Germany, crashed on the island of Madeira in Portugal, killing at least 28.

Filipe Sousa, the mayor of Santa Cruz, said that 17 women and 11 men were killed in Wednesday’s accident.

Several others were wounded after the vehicle overturned near the town of Canico.

The cause of the crash, which happened in daylight in the early evening, was not immediately clear.

Images on Portuguese media showed an overturned white bus surrounded by firefighters. SIC television said there were 19 ambulances at the scene.

“I have no words to describe what happened. I cannot face the suffering of these people,” Sousa told SIC television.

Portugal’s President Marcelo Rebelo de Sousa said he would travel to Madeira overnight.

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Tour helicopter crash lands in Oahu’s Sacred Falls Valley

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Honolulu rescuers have received a call of a downed tour helicopter shortly after 11:30 Tuesday morning.

Six units including the Honolulu Fire Department’s Air 1 helicopter responded to the area of Sacred Falls in Hauula at about 11:36 a.m. Honolulu Fire Spokesman Capt. Scot Seguirant said there were four people on board of aircraft that has made a possible hard landing.

According to FAA, the Hughes 369E helicopter, registered to Paradise Helicopters, made a hard landing in Sacred Falls Valley, about 17 miles north of Honolulu’s Daniel K. Inouye International Airport. No one was injured.

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American Airlines to keep its Boeing 737 MAX jets grounded until August

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American Airlines has chosen to keep its fleet of Boeing 737 MAX grounded until at least August 19, even if it means canceling 115 flights a day in summer season, as probes into the troubled jet continue and new sales have frozen.

The company, which owns 24 of the embattled jets that were involved in two recent deadly crashes, announced the decision in a letter to employees and customers. AA wants to ensure reliability “for the peak travel season and provide confidence to our customers and team members when it comes to their travel plans,” Chief Executive Doug Parker and President Robert Isom wrote.

The 737 MAX 8 airliners were grounded worldwide after a fatal crash of an Ethiopian Airlines flight, which killed 157 people on board. The incident came months after a crash of the same model operated by Lion Air was apparently linked to the same faulty flight control system.

Parker and Isom have at the same time expressed confidence in Boeing’s ability to fix the problem through software updates and changes to pilot training procedures. The US airline has 24 MAX planes in its fleet and is expected to get 16 more delivered this year. The grounding has already resulted in the cancelation of about 90 flights per day through early June, and the extension may put a strain on American’s ability to meet demand for seats during upcoming peak travel season. As many as 115 daily flights will have to be canceled in August, according to the letter.

The crashes have left Boeing open to criticism over the way it certified the fast-selling model, conducting some of the tests in-house with the permission of the Federal Aviation Authority. Critics say the producer cut corners to fast-track the new model to the market, compromising flight safety as a result.

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Ethiopian Airlines has a statement on preliminary crash report

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Ethiopian Airlines had a tragic year so far, but it appears without fault to the carrier. The preliminary report about ET 302 crash on March 10 came in and the airline responded with the following statement:

The preliminary report clearly showed that the Ethiopian Airlines Pilots who were commanding Flight ET 302/10 March have followed the Boeing recommended and FAA approved emergency procedures to handle the most difficult emergency situation created on the airplane. Despite their hard work and full compliance with the emergency procedures, it was very unfortunate that they could not recover the airplane from the persistence of nose diving. As the investigation continues with more detailed analysis, as usual, we will continue with our full cooperation with the investigation team.

Group CEO, Tewolde GebreMariam said that “ All of us at Ethiopian Airlines are still going through deep mourning for the loss of our loved ones and we would like to express our deep sympathy and condolences for the families, relatives, and friends of the victims. Meanwhile; we are very proud of our pilots’ compliances to follow the emergency procedures and high level of professional performances in such extremely difficult situations. We are also very proud of our Global standard Pilot Training Center and the Ethiopian Aviation Academy which is one of the largest and most modern in the world equipped with state of the art and latest training technologies.

I would also like to take this opportunity to thank our valued customers, the traveling public, the media and Global aviation professionals for the remarkably high level of a vote of confidences and strong support that you have been giving us starting from the day of this tragic accident. We will double our efforts every single day to win your confidence and earn your business. Your Safety will remain our top most priority and we will continue to work together with our partners around the world to make air travel safer and more comfortable. My highest appreciation also goes to my 16, 000 colleagues at Ethiopian Airlines for their resilience, high standards of professionalism and their continued commitment for operational excellence and their award-winning customer services which enabled us to continue our business without any operational disruption, flight delays or flight cancellations.”

Ethiopian Airlines (Ethiopian) is the fastest growing Airline in Africa. In its seventy plus years of operation, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success.

Ethiopian commands the lion’s share of the Pan-African passenger and cargo network operating the youngest and most modern fleet to more than 119 international passenger and cargo destinations across five continents. Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Q-400 double cabin with an average fleet age of five years. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with Six business centers: Ethiopian International Services; Ethiopian Cargo & Logistics Services; Ethiopian MRO Services; Ethiopian Aviation Academy; Ethiopian ADD Hub Ground Services and Ethiopian Airports Services. Ethiopian is a multi-award winning airline registering an average growth of 25% in the past seven years.

Mr. Asrat Begashaw

Manager Corporate Communications, Ethiopian Airlines

Tel 🙁 251-1)517-89-07/656/165/913/529

CorporateCommunication@ethiopianairlines.com

www.ethiopianairlines.com

www.facebook.com/ethiopianairlines

www.twitter.com/flyethiopian

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