Boeing says it will cost $1bn to fix 737 Max plane

Boeing estimates that it will spend $1bn to fix the 737 Max and has pulled its forecast of 2019 earnings because of uncertainty surrounding the jetliner, which remains grounded after two deadly crashes.

The estimate was disclosed on Wednesday in a presentation for investors as Boeing released first quarter financial results, which missed Wall Street expectations.

A spokesman said the estimate covered higher production costs over the next several years.

Boeing did not go into great detail on the costs of fixing flight-control software that played a role in the crashes, which killed 346 people, or of providing additional training for pilots.

Still, the disclosures gave the clearest picture yet of the financial damage that the accidents are causing to the aerospace giant.

PA