Shares of Boeing Co. experienced a 1% drop on Thursday following the aerospace and defense company’s call for airlines and operators to inspect their 737 Max jets for possible loose bolts.
The Federal Aviation Administration (FAA) revealed that this new issue with the single-aisle jets could impact the rudder-control system. The FAA, in close collaboration with Boeing, stated that it is closely monitoring the inspections.
Boeing has specifically instructed operators to examine “specific tie rods that control rudder movement for possible loose hardware,” according to the FAA.
While Boeing assured that the issue found on one particular aircraft has already been resolved, it has recommended inspections as an extra precautionary measure.
A spokesperson for Boeing stated, “We have informed the FAA and our customers and will continue to provide them with updates on our progress.”
Boeing emphasized that the inspections are straightforward and can be completed within two hours per plane.
Throughout the inspections, the FAA will maintain continuous communication with Boeing and the airlines involved. Based on any further discoveries of loose or missing hardware, additional action may be considered by the FAA.
The need for these inspections arose after an international operator reported a missing nut on a bolt during routine maintenance of the rudder-control linkage. Boeing also found an undelivered aircraft with a nut that was not properly tightened.
Following two fatal crashes in 2018 and 2019, the 737 Max jets were grounded worldwide. It took almost two years for the FAA to approve design changes and allow the planes to fly again.
Boeing has faced various issues with the aircraft in recent years, including quality-control problems attributed to a supplier. None of these issues have posed immediate safety concerns for flights.
Boeing shares have seen a 36% increase this year, while the S&P 500 index has advanced roughly 25%.
Leave a Reply