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 after a pair of deadly crashes. New CEO David Calhoun on Wednesday stood by his estimate that regulators will certify changes Boeing is making to the 737 Max by midyear. Boeing reported a loss of $1 billion in the fourth quarter as revenue plunged 37% due to the grounding of the Max. Revenue tumbled to $17.91 billion, far below Wall Street’s forecast of $21.70 billion, according to a FactSet survey of analysts. For all the troubling news from the company, Wall Street was happy that it wasn’t worse.

Source: Los Angeles Times January 29, 2020 13:18 UTC