Boeing Suspends Dividend to Save Cash Amid Coronavirus Crisis

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)

Boeing (NYSE:BA)
Historical Stock Chart
From Apr 2024 to May 2024