Boeing profit slumps 53pc as MAX grounding takes heavy toll

• World's largest planemaker was hurt by the grounding of its best-selling 737 MAX jets.
• Core operating earnings fell to $895 million or $1.45 per share, from $1.89 billion or $3.58 per share.

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.