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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.

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.

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.

Travel News | eTurboNews

Air crash experts: ‘Clear similarities’ between Ethiopian and Lion Air 737 MAX disasters

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French air crash investigators are saying that they have found “clear similarities” between last week’s Ethiopian Airlines crash and last October’s Lion Air disaster. Both 737 MAX aircraft plunged nose-first to their doom.

“During the verification process of the FDR (flight data recorder) data, clear similarities were noted by the investigation team between Ethiopian Airlines Flight 302 and Lion Air Flight 610, which will be the subject of further study during the investigation,” the BEA said in a statement.

Ethiopian Airlines Flight 302 nosedived into a field shortly after takeoff last Sunday, killing all 157 people on board. Lion Air Flight 610 plunged into the sea last October, killing all 189 passengers and crew.

In both cases, the 737 MAX’s MCAS system is suspected to be responsible. The system automatically makes adjustments to the tail angle to keep the plane level in flight. However, false sensor readings can repeatedly trigger the system, forcing the plane into a dive.

The BEA investigators found that the sensor readings in both flights were similar.

In the US, a group of engineers with the Federal Aviation Administration and Boeing claimed over the weekend that Boeing downplayed safety concerns surrounding the MCAS system in a bid to bring the 737 MAX to market before rival Airbus launched its own next-generation narrow body aircraft.

The engineers also claimed that the FAA delegated much of the 737 MAX’s safety testing to Boeing itself, and were content to trust the company’s conclusions. Other air safety regulators around the world then certified the MAX 8 based on the FAA’s thumbs up.

The US Department of Transportation is now investigating the FAA’s approval of the aircraft, the Wall Street Journal reported on Monday. Federal prosecutors have reportedly issued a subpoena to at least one person involved in the development of the 737 MAX.

The aircraft remains grounded worldwide after the Ethiopian Airlines disaster. The FAA has said it may take “months” for Boeing to apply the necessary software updates to rectify any problems with the MCAS system.

Travel News | eTurboNews

Air crash experts: ‘Clear similarities’ between Ethiopian and Lion Air 737 MAX disasters

by

French air crash investigators are saying that they have found “clear similarities” between last week’s Ethiopian Airlines crash and last October’s Lion Air disaster. Both 737 MAX aircraft plunged nose-first to their doom.

“During the verification process of the FDR (flight data recorder) data, clear similarities were noted by the investigation team between Ethiopian Airlines Flight 302 and Lion Air Flight 610, which will be the subject of further study during the investigation,” the BEA said in a statement.

Ethiopian Airlines Flight 302 nosedived into a field shortly after takeoff last Sunday, killing all 157 people on board. Lion Air Flight 610 plunged into the sea last October, killing all 189 passengers and crew.

In both cases, the 737 MAX’s MCAS system is suspected to be responsible. The system automatically makes adjustments to the tail angle to keep the plane level in flight. However, false sensor readings can repeatedly trigger the system, forcing the plane into a dive.

The BEA investigators found that the sensor readings in both flights were similar.

In the US, a group of engineers with the Federal Aviation Administration and Boeing claimed over the weekend that Boeing downplayed safety concerns surrounding the MCAS system in a bid to bring the 737 MAX to market before rival Airbus launched its own next-generation narrow body aircraft.

The engineers also claimed that the FAA delegated much of the 737 MAX’s safety testing to Boeing itself, and were content to trust the company’s conclusions. Other air safety regulators around the world then certified the MAX 8 based on the FAA’s thumbs up.

The US Department of Transportation is now investigating the FAA’s approval of the aircraft, the Wall Street Journal reported on Monday. Federal prosecutors have reportedly issued a subpoena to at least one person involved in the development of the 737 MAX.

The aircraft remains grounded worldwide after the Ethiopian Airlines disaster. The FAA has said it may take “months” for Boeing to apply the necessary software updates to rectify any problems with the MCAS system.

Travel News | eTurboNews