Boeing using $4.9 billion to cover possible compensation for canceling 737 flights

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(WIVB)– Boeing is booking a $4.9 billion charge to cover possible compensation to airlines that canceled flights following the grounding of its 737 Max jets.

Boeing says the fallout will cut more than $5.5 billion from its revenue and pre-tax earnings in the second quarter.

The 737 Max fleet was grounded in march following two deadly crashes overseas.

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