Sunday, 16 June 2024

Boeing shares fall by more than 6% due to delayed aircraft deliveries

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The stock price of the American company Boeing fell by 6%, in midday trading on Thursday, after Chief Financial Officer Brian West said that he expects negative free cash flow and that the company’s aircraft deliveries will not recover in the second quarter.

It has become known that Boeing faces many production challenges with its best-selling aircraft after a series of technical problems that left a question mark over quality and safety standards. The company’s shares have fallen approximately 33% this year.

At the beginning of this year, the US Federal Aviation Administration ordered 171 Boeing 737 MAX 9 aircraft to be subjected to immediate inspections and prevented them from flying until this was completed, following an incident that occurred during a flight in the state of Oregon in the northwestern United States.

The authority stated in a statement that Federal Aviation Administration directives “require airline operators to inspect aircraft before undertaking a new flight,” noting that this process requires between 4 and 8 hours for each aircraft.

Alaska Airlines grounded all of its Boeing 737-9 aircraft, hours after a window and a piece of the fuselage exploded on one of these planes in the air and forced it to make an emergency landing in Portland, Oregon.

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