The Boeing Company (BA) will suspend its quarterly dividend. This will end 9 consecutive year of annual dividend increase by Boeing. The company last hiked its dividend by 20.2 percent to $2.055 per share in the first quarter of 2019. The company had consistently paid dividends to shareholders for more than 80 years.

As expected Boeing announced to suspend its dividend until further notice. In its press release the company announced several decisions to support the company as it navigates through the COVID-19 pandemic. Together with the dividend cut Boeing will also extend its pause of any share repurchasing until further notice and CEO Dave Calhoun and Board Chairman Larry Kellner will forgo all pay until the end of the year.

The Boeing Company is an aerospace firm. Boeing develops, produces, and markets commercial jet aircraft and provides related support services to the commercial airline industry. The company also produces military aircraft, helicopters and space and missile systems. Boeing operates in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); Global Services (BGS) and Boeing Capital (BCC). Prior to this dividend cut Boeing had paid a dividend to shareholders every year since 1942. The first ever dividend was paid in 1937.