NEW YORK - Boeing reported lower first-quarter profits Wednesday as the global grounding of its 737 MAX plane following two crashes hit results.
The US aerospace giant reported $2.1 billion in profits, down 13.2 percent from same period a year ago.
Revenues dipped 2.0 percent to $22.9 billion, due to a tumble in commercial plane revenues following the suspension of 737 MAX deliveries.
Boeing also withdrew its full-year profit forecast, citing uncertainty surrounding the 737 MAX.
A global team of experts next week will begin reviewing how the Boeing 737 Max’s flight control system was approved by the U.S. Federal Aviation Administration.
The FAA says experts from nine international civil aviation authorities have confirmed participation in a technical review promised by the agency.
Former National Transportation Safety Board Chairman Chris Hart will lead the group, which also will have experts from the FAA and NASA. They will look at the plane’s automated system including the way it interacts with pilots.
The aerospace giant has been under scrutiny since the March 10 crash of an Ethiopian Airlines jet, which came on the heels of an October Lion Air crash. Together the crashes claimed 346 lives.
Boeing said it is "making steady progress" on a fix to the jet's anti-stall system that is thought to be a factor in both accidents.
The company has conducted more than 135 test flights of the fix and is working with global regulators and airlines, it said in a news release.
"Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public," said Chief Executive Dennis Muilenburg in a press release.
The company announced earlier this month it was cutting monthly production of the 737 by about 20 percent.
Boeing shares were up 1.3 percent at $379.07 in pre-market trading.