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Boeing Says 737 Max Global Grounding Costs More Than $1 Bln

Boeing Co. (BA) said that costs related to the global grounding of its 737 Max plane increased by $1 billion in the first quarter, following two fatal crashes.

The company withdrew its 2019 financial guidance, saying it did not reflect the financial impact of the 737 Max issues, and that it would issue a new guidance at a future date.

Boeing executives said they didn't know when the 737 MAX would return to service and defended the design and certification of the plane.

Boeing has been under scrutiny since the March 10 crash of an Ethiopian Airlines jet, after a Lion Air crash in October 2018.

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