Shares in Pratt & Whitney parent RTX Corp hit a two-year low on Monday as it took a $3 billion charge and told airlines hundreds of their Airbus jets would be grounded at any one time in coming years to check for a rare manufacturing flaw.
hit a two-year low on Monday as it took a $3 billion charge and told airlines hundreds of their Airbus jets would be grounded at any one time in coming years to check for a rare manufacturing flaw.
In July, RTX said a rare powder metal defect could lead to the cracking of some engine components and called forOn Monday, it said it now estimates it will have to pull a total of 600 to 700 engines off their Airbus A320neo jets for lengthy quality inspections between 2023 and 2026.is now projected to last up to 300 days per engine. An average of 350 jets could be grounded per year through 2026, with as many as 650 jets sitting idle in the first half of 2024.
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