Boeing announced Wednesday it will pause share buybacks and is withdrawing its full year 2019 financial forecast while it works through issues surrounding its 737 Max aircraft, whose software is suspected in two deadly crashes. Boeing said the previous guidance "does not reflect 737 MAX impacts," adding that "new guidance will be issued at a future date" because of "the uncertainty of timing and conditions" for when the 737 Max planes will return to flight. The company's presentation to shareholders noted the commercial airplane business had $1 billion in increased costs due to the 737 production line. The company also delivered first-quarter earnings that were in line with Wall Street expectations while revenue was lighter than expected. Boeing's cash flow fell nearly 10%, to $2.8 billion this quarter from $3.1 billion the same period last year, specifically citing lower 737 aircraft deliveries. Shares of Boeing initially fell in premarket trading after the release but bounced back, trading up more than 1% from Tuesday's close of $374.02 a share.

Expectations vs. results

EPS: $3.16 a share vs. $3.16 a share expected in a Refinitiv survey of analysts.

Revenue: $22.92 billion vs. $22.98 billion expected in the survey. "Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public," Chairman and CEO Dennis Muilenburg said in a statement, adding that this is "a challenging time for our customers, stakeholders and the company."