Boeing reported its first annual loss in more than two decades on Wednesday as the lengthy grounding of the 737 MAX undercut the company’s revenues and exploded costs. The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company’s first year in the red since 1997.
Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in new costs connected to the MAX. Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares rallied early Wednesday in pre-market.
