Boeing (NYSE: BA) reported fourth-quarter losses of $2.33 per share on Wednesday, which does not compare to the analyst estimate of $1.47.
The company reported quarterly sales of $17.91 billion, which missed the analyst consensus estimate of $21.67 billion by 17.35%. This is a 36.81%decrease over sales of $28.341 billion the same period last year.
Boeing expects 737 Max costs to grow to $18.6 billion, roughly double prior projection.
"We recognize we have a lot of work to do," said Boeing CEO David Calhoun. "We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward.
"Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process."
Boeing shares were trading up 2.67% at $325 in Wednesday's pre-market session. The stock has a 52-week high of $446.01 and a 52-week low of $302.72.
Photo by Steve Lynes via Wikimedia.