October 23, 2019 / 11:44 AM / a month ago

Boeing profit slumps 53% as MAX grounding takes heavy toll

Oct 23 (Reuters) - Boeing Co reported a 53% drop in quarterly profit on Wednesday, as the world’s largest planemaker was hurt by the grounding of its best-selling 737 MAX jets.

The company had a negative free cash flow of $2.89 billion in the quarter, compared with a positive free cash flow of $4.10 billion a year earlier.

Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share, a year earlier. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)

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