Boeing reports $2.9 billion loss in Q2

Chicago: Boeing reported a second quarterly loss of $2.9 billion on Wednesday.

In a press release, Boeing said the loss reflects a 737 MAX charge as well as lower 737 deliveries partially offset by higher defense and services volume.

"This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said CEO Dennis Muilenburg.

"During these challenging times, teams across our enterprise continue to perform at a high level while delivering on commitments and capturing new opportunities driven by strong, long-term fundamentals."

The company stated that due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance would be issued at a future date.

"Boeing is working very closely with the FAA (Federal Aviation Authority) on the process they have laid out to certify the 737 MAX software update and safely return the MAX to service. Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements. Regulatory authorities will determine the process for certifying the MAX software and training updates as well as the timing for lifting the grounding order," the company said in the press release.

The company also stated the first flight of the 777X has been delayed to early 2020 due to engine challenges. It was still targeting late 2020 for the first delivery of the series of planes. The production rate of the 737 MAX has also been cut.

Additionally, during the quarter, Boeing stated that Commercial Airplanes delivered 90 airplanes, including 42 787s, and captured orders for two 777 freighters for DHL and six 767 freighters for FedEx. Highlights from the Paris Air Show included a letter of intent from IAG for 200 737 MAX airplanes as well as several wide body commitments.