Boeing Co.'s (NYS:BA) commercial airplanes business suffered first-quarter declines in profit, revenue and margin in the wake of groundings of its 737 MAX planes after two deadly crashes. The stock has swung higher in premarket trade, rallying 1.6% after being down as much as 1.3% earlier, after Boeing reported adjusted earnings that missed expectations and revenue that came up a bit shy, while saying it would update its 2019 guidance at a future date. Commercial airplane earnings fell 17% to $1.17 billion, revenue dropped 9% to $11.82 billion and operating margin declined 1.0 percentage points to 9.9%, while deliveries dropped 19% to 149 airplanes. Boeing said the results include $1 billion in increased cost to produce aircraft in the 737 program. Boeing's stock has gained 4.4% over the past three months through Tuesday, while the Dow Jones Industrial Average (DOW:DJIA) has gained 8.6%.
April 24, 2019, 8:10 a.m. EDT