Boeing announces drop in revenue after deadly 737 Max crashes

Boeing announces revenue drop
Boeing announces revenue drop 01:55

Last Updated Jul 24, 2019 7:39 PM EDT

Washington — Boeing just had its worst financial quarter in the company's history. It reported Wednesday revenue plunged 35% as the 737 Max remains grounded following two deadly crashes overseas.

If the 737 Max does not fly by the end of the year, its continued grounding could force Boeing to further slow or halt production. Such a move by the nation's largest exporter could send a ripple through the U.S. economy.

But CEO Dennis Muilenburg raised the possibility the Max could be approved for passenger service by October. "It's our job to make sure that they're safe and we've learned from these two accidents," he said.

In May, Muilenburg spoke to "CBS Evening News" anchor Norah O'Donnell. "We know it will take some time to earn and re-earn that public confidence and the first step will be to get the Max up and flying safely," he said.

Boeing is facing a growing list of lawsuits, the latest filed Wednesday by the family of Army Captain Antoine Lewis, killed in the Ethiopian Airlines Flight 302 crash. They called on American, Southwest and United to drop the 737 Max from their fleets.

"My husband's death is a direct result of corporate greed gone wrong," said Lewis's widow, Yalena Lopez-Lewis. "In the design and marketing of the 737 Max 8, Antoine lost his life. But also on that day, a wife lost her husband, two boys lost their father, and the country lost a hero."

Sources across the industry are saying its possible the Max may not fly passengers until some time in 2020. The U.S. airlines are standing by the Max. But pilots insist they will only fly the plane once they believe it is safe.

Boeing pledges $100 million to 737 victims 01:38
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    Kris Van Cleave is the transportation correspondent for CBS News based in Washington, D.C.