737 MAX crisis cost Boeing $1 billion

Boeing said Wednesday that its 737 MAX crisis had cost $1 billion in the first quarter as it withdrew its 2019 profit forecast on continued uncertainty about when the grounded jets will fly again after two deadly crashes.

The US aerospace giant also cited spending on the software fix and related training, according to an earnings presentation released Wednesday that listed the $1 billion in 737 program costs.

The results are the first since the company entered crisis mode with the March 10 crash of an Ethiopian Airlines jet, which along with an October Lion Air crash claimed 346 lives.

Shares rallied in early trading, reflecting relief that damage from the 737 MAX crisis thus far was not worse.

The US aerospace giant reported $2.1 billion in profits, down 13.2 percent from same period a year ago due in part to the $1 billion hit from the 737 program.