Boeing suffers biggest annual loss since 1997
Boeing's 737 MAX jets have been grounded for nearly a year and the costs are piling up.
The aerospace giant on Wednesday posted a full-year loss of more than $2-1/2 billion - that's Boeing first money-losing year in more than 20 years.
The fallout from keeping the 737 MAX on the ground and halting production for the first time in more than two decades is taking its toll. Boeing now expects to be hit with a $19 billion bill that could get even larger.
The plane hasn't been able to fly since last March after two deadly crashes forced regulators to ground the jets.
And that's not Boeing's only problem.
The 787 Dreamliner- a much bigger aircraft and larger contributor to company profits, is suffering from a slowdown in demand due to the U.S.-China trade war. Boeing has already cut production of that jet - leading to a slowdown in the amount of cash coming through the door.
And Boeing announced Wednesday it will cut production on the Dreamliner even more to just 10 per month early next year down from 14.
Shares of Boeing, however, rallied on confidence new CEO David Calhoun is up to the task of steering the aerospace giant through the worst crisis in decades.
