The logo for Boeing is displayed on the floor of the New York Stock Exchange in March. The company said Wednesday that it expects to return of the troubled 737 Max in the fourth quarter of this year. Photo by John Angelillo/UPI | License Photo
Oct. 23 (UPI) -- Boeing said Wednesday it expects the troubled 737 Max to return to service in the fourth quarter of this year and production of the airliner to ramp up to 57 per month by the end of 2020.
The statements came as part of Boeing's third-quarter report, which saw revenue fall 21 percent from the third quarter last year and 19 percent this year from the first nine months of 2018.
"Boeing has developed software and training updates for the 737 Max and continues to work with the FAA and global civil aviation authorities to complete remaining steps toward certification and readiness for return to service," the statement said.
"These regulatory authorities will determine the timing and conditions of return to service in each relevant jurisdiction," the statement continued.
The 737 Max was grounded around the world after two commercial crashes within a six-month period, revealing an issue with the plane's flight control system.
"Our top priority remains the safe return to service of the 737 Max, and we're making steady progress," Boeing President and CEO Dennis Muilenburg said in a statement.
"We've also taken action to further sharpen our company's focus on product and services safety, and we continue to deliver on customer commitments and capture new opportunities with our values of safety, quality and integrity always at the forefront," Muilenburg continued.
On Tuesday, Boeing replaced Kevin McAllister as president and chief executive of its commercial airplanes unit with Stanley Deal, who led Boeing's global services division.
"Our entire Boeing team is focused on operational excellence, aligned with our values of safety, quality and integrity, and we're committed to delivering on our commitments and regaining trust with our regulators, customers and other stakeholders," Muilenburg said.
"Stan brings extensive operational experience at commercial airplanes and trusted relationships with our airline customers and industry partners," he added.