Boeing reports biggest-ever loss as 737 MAX grounding drags on

Boeing reported its biggest loss ever on Wednesday as the 737 MAX crisis drags on, and the company warned it could be forced to temporarily halt production of the plane if the grounding is extended much longer.

The aviation giant's troubles have been mounting since the MAX was taken out of service worldwide in March following two deadly crashes that claimed 346 lives, and it already set aside nearly $5 billion to compensate customers.

But the warning it might have to suspend production of the aircraft jolted Wall Street, prompting losses to accelerate during a late-morning conference call with Boeing executives that reinforced the cloudiness surrounding the outlook.

Getting the MAX back in the air is a "complex" multi-regulator process "that will take time to get done," Boeing chief executive Dennis Muilenburg said.

"We have a clear understanding of the work that has to be done but there is still uncertainty in the timeline."
"We want to absolutely make sure that before the 737 MAX flies that it's safe," Mnuchin told CNBC. "We need to figure out how they continue to compete against Airbus because they are a leading US company."
Muilenburg said the company is in daily contact with the FAA and still expects to submit its software fix to regulators in September, with approval about a month later. However, that timeframe is "dynamic."
"We know we're making progress," he said. "But until we complete all of the certification activities, there's always some risk of new items opening up."