Another Blow for Boeing Stock
Boeing stock, the US-based aerospace business titan, is facing another blow after its 777-200 plane, operated by United Airlines, was forced to make an emergency landing at Denver International Airport shortly after it took off on Saturday.
The right engine of the plane failed, forcing the pilot to request an emergency landing. Videos appeared online showing the engine engulfed in flames, with parts of the affected plane appearing to fall over a town.
On Sunday, the FAA moved to order an immediate inspection of the company’s 777 airplanes powered with Pratt & Whitney PW4000 engines.
"We reviewed all available safety data following yesterday's incident. Based on the initial information, we concluded that the inspection interval should be stepped up for the hollow fan blades that are unique to this model of engine, used solely on Boeing 777 airplanes," FAA’s Dickson said in a statement.
On the other hand, the airline company said in a statement that it is removing all 24 of its 777 planes from service temporarily “out of abundance of caution.” The business said it is making this decision on a voluntary basis. United is the only airline in the United States (US) that operates 777s equipped with this type of engines.
In a similar move, Boeing said it recommends “suspending operations of the 69 in-service and 59 in-storage 777s powered by Pratt & Whitney 4000-112 engines until the FAA identifies the appropriate inspection protocol.”
The business giant added that it also supports the decision by the Japan Civil Aviation Bureau to suspend operations of 777 aircraft powered by engines.
“We are working with these regulators as they take actions while these planes are on the ground and further inspections are conducted by Pratt & Whitney," the company said yesterday in a statement.
Given that certain airline companies from South Korea and Japan are also using 777s powered by Pratt & Whitney 4000-112 engines, Japan’s aviation regulator also ordered a temporary removal of these planes from service.
Boeing stock was trading under severe downside pressure since early 2019 when the entire 737 Max fleet was grounded following two fatal crashes.
Boeing stock price is trading lower on Monday after the FAA issued requested immediate inspections on planes powered by Pratt & Whitney 4000 series engines, while United removed all 24 affected planes from service.