737 Max Costs Double, Boeing Posts First Loss In 2 Decades
CHICAGO (AP) -- Boeing is posting its first annual loss in more than two decades and said the costs related to the grounding of its best-selling plane have doubled to more than $18 billion.
Production of the 737 Max was suspended after two crashes that killed 346 people.
Boeing said Wednesday that it lost $1 billion in the fourth quarter, and revenue is down 37% from a year ago.
The company lost $636 million last year, its first full-year loss since 1997.
New CEO David Calhoun is criticizing the company's former leadership for not disclosing embarrassing internal communications sooner.
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