• Aerospace
  • Boeing doesn't expect 737 Max signoff until midyear

    That delay, which means the jet would miss the busy summer travel season for the second straight year, adds to the jetmaker's financial burden and deepens the challenge for new CEO David Calhoun.

    Boeing 737 Max
    Bloomberg

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    79彩票注册网址(Bloomberg) — Boeing Co. said the grounded 737 Max won’t be cleared to fly until the middle of this year, months later than previously anticipated, in a new delay that will add to the company’s financial burden. The shares tumbled.

    The new expectations come as the planemaker addresses two recent setbacks for the embattled Max: a software flaw that will require more work than expected and an audit that found that some wiring on the plane needs to be rerouted. The final determination remains in the hands of the U.S. Federal Aviation Administration, Boeing said in a statement Tuesday.

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    The latest timeline deepens the challenge for Boeing as new Chief Executive Officer David Calhoun works to repair frayed relationships with customers, suppliers and regulators. His predecessor, Dennis Muilenburg, was ousted in December as it became apparent the company would miss its goal of recertifying the Max in 2019. The Max was grounded in March after the second of two deadly crashes that killed 346 people.

    Boeing dropped 4.3% to $310.30 at 3:19 p.m. in New York, the biggest decline on the Dow Jones Industrial Average. The shares are poised to close at the lowest level in more than a year.

    The latest estimate “is subject to our ongoing attempts to address known schedule risks and further developments that may arise in connection with the certification process,” the company said. “It also accounts for the rigorous scrutiny that regulatory authorities are rightly applying at every step of their review of the 737 Max’s flight control system,” including new pilot-training requirements.

    79彩票注册网址The FAA hasn’t set a time frame for completing work on the Max.

    “We continue to work with other safety regulators to review Boeing’s work as the company conducts the required safety assessments and addresses all issues that arise during testing,” the agency said in a statement.

    79彩票注册网址With the delay, Boeing’s best-selling jet will miss a portion, or possibly all, of the busy summer travel season for the second straight year. That will add to the compensation that the U.S. planemaker is likely to pay airlines.

    Calhoun, a former senior executive at General Electric Co. and Blackstone, stepped into the top job at Boeing Jan. 13, emphasizing transparency and a streamlined organization. His plans for turning around the company will be in the spotlight when Boeing reports its fourth-quarter earnings on Jan. 29.

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