Boeing reported an operating loss of $650 million in the fourth quarter, surprising analysts who had expected the aircraft giant to turn a profit.
The company blamed the unexpected loss on 'abnormal production costs' as it tries to complete deliveries of the 737 Max jet and ramp up deliveries of 787 Dreamliners.
In addition, labor instability and supply chain disruptions are also said to have affected production.
Even so, the $634 million loss in the quarter ended Dec. 31 was smaller than the $4.1 billion decline in the same period last year.
In the meantime, Boeing also warned that it will post a loss in the current quarter.
Boeing shares fell more than 3% following the report in the New York session.
The company, however, offers a strong outlook, where it expects its financial strength to return to pre-pandemic levels around the 2025-2026 timeframe.
Boeing has reported only two profitable quarters in the nearly four years since the 737 Max crisis.
This is the suspension of the aircraft for 20 months since March 2019 after being involved in two fatal accidents that have killed 345 people (Ethiopian Airlines and Lion Air).
