Boeing reports 2019 loss of $636 mn, 1st year in red since 1997

New York: Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX dragged down revenues and added to costs.

The aerospace giant reported a 1.0 billion loss in the fourth-quarter and a 636 million loss for all of 2019, the company's first annual loss since 1997.

The MAX has been grounded since March following two fatal crashes. Boeing estimated additional costs of 9.2 billion connected to the grounding to compensate to customers and account for the impact of lower production levels on expenses.