Boeing announced Thursday an after-tax charge of $4.9 billion over the international grounding of the 737 Max aircraft.
The charge will result in a $5.6 billion reduction in revenue and pre-tax earnings in the second quarter, the airplane manufacturer said in a statement.
Boeing will release its second quarter earnings on July 24.
The Boeing 737 Max was grounded globally after two deadly crashes in the last year.
The manufacturer has yet to receive regulatory approval on software fixes to address the issues involved in the fatal crashes in Ethiopia and Indonesia.
"We remain focused on safely returning the 737 Max to service," Dennis Muilenburg said in a statement Thursday. Read more at The Hill