Boeing Suspends Dividend to Save Cash Amid Coronavirus Crisis
March 20 2020 - 8:09PM
Dow Jones News
By Andrew Tangel
Boeing Co. said it would suspend its dividend for shareholders,
joining a growing number of U.S. companies trying to save cash amid
the coronavirus crisis.
The Chicago plane maker, which spent $4.6 billion on dividend
payouts last year, is seeking at least $60 billion in financial
help from private sources, as well as taxpayer support, for itself,
suppliers and the broader aerospace sector.
Chief Executive David Calhoun and Chairman Larry Kellner will
forgo any pay through the rest of the year, Boeing said in a
statement late Friday. It is also extending a pause in a
stock-buyback program, which it suspended in April last year.
"Boeing is drawing on all of its resources to sustain
operations, support its workforce and customers, and maintain
supply-chain continuity through the Covid-19 crisis and for the
long term," the company said.
Write to Andrew Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
March 20, 2020 19:54 ET (23:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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