Boeing posts first annual loss in more than 2 decades

Associated Press and Washington Post

CHICAGO —The Boeing Co. reached new financial lows in 2019 as the 737 Max ― a once-promising line of commercial jets whose flawed control system played a role in two deadly crashes ― remains at the center of a historic safety crisis with no end in sight.

Boeing, an icon in American manufacturing, suffered its first annual financial loss in more than two decades as the costs related to its marquee aircraft doubled to more than $18 billion.

New CEO David Calhoun on Wednesday stood by his estimate that regulators will certify changes Boeing is making to the 737 Max by mid-year. And he criticized the company’s prior leadership for not immediately disclosing a trove of damning internal communications.

Boeing reported a loss of $1 billion in the fourth quarter as revenue plunged 37% due to the grounding of the Max. The company suspended deliveries of the plane last spring and never expected the stoppage to last this long.

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