Releasing financial results for the third quarter of 2019, Boeing has said it expects the 737 Max aircraft to return to the skies by the end of the year.

The plane is currently grounded following two fatal accidents.

“Our top priority remains the safe return to service of the 737 Max, and we are making steady progress,” said Boeing chief executive, Dennis Muilenburg.

“We have 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.”

Boeing has developed software and training updates for the 737 Max as it seeks recertification for the aircraft.

The manufacturer said it continued to work with the FAA and global civil aviation authorities to complete remaining steps needed to return the plane to the skies.

“These regulatory authorities will determine the timing and conditions of return to service in each relevant jurisdiction,” explains a Boeing statement.

“For purposes of the third-quarter results, the company has assumed that regulatory approval of the 737 Max return to service begins in the fourth quarter of 2019.”

At the same time, Boeing said it would gradually increase the 737 production rate from 42 per month to 57 per month by late 2020.

At present, deliveries have been halted, with hundreds of planes awaiting handover to airlines around the world.

The 737 Max was grounded after an Ethiopian Airlines crash in March, with the loss of 157 lives.

The incident followed the downing of a Lion Air plane in October last year, which killed 189 people.

Kevin McAllister was replaced as the head of commercial aviation at Boeing.

Boeing reported third-quarter revenue of $19.9 billion, down 21 per cent from the figure of $25.1 billion reported a year ago.