The Chicago-based company said Wednesday it will make another cut in 787 Dreamliner production and booked more charges on its military tanker and space-taxi programs to underline the broader challenges facing new Chief Executive David Calhoun and his team.
Boeing booked another $9.2 billion in charges and associated costs to cover potential compensation to MAX customers as well as higher expenses from reducing and then halting production of the jetliner following two fatal crashes.
Mr. Calhoun said last week that he was confident the MAX will re-enter service, but the biggest crisis in the company’s 103-year history has derailed its product strategy—losing share to rival Airbus SE—and strained its balance sheet.
The full year compared with a profit of $10.46 billion in 2018.
Boeing burned through $2.2 billion in cash during the quarter.
Shares rose more than 1% to $320.56 in pre-open trade.
The MAX has been grounded world-wide since last March following a pair of plane crashes within five months that killed 346 people. Boeing has said it doesn’t expect regulators to approve the return of the MAX until midyear.
The situation has been costly and at times chaotic for airlines that have had to deal with months of uncertainty about when they will be allowed to fly the jets and when they can expect the dozens of planes they had on order. The manufacturer is now recommending that pilots be required to train in simulators before flying the MAX, a fresh complication for carriers making plans to reintegrate the plane into their schedules.
The company earlier this month said it was working to correct another software problem that has cropped up in its effort to fix the MAX. The latest glitch prevents the jet’s flight-control computers from powering up and verifying they are ready for flight, according to industry and government officials. Mr. Calhoun recently discussed the matter with FAA chief Steve Dickson, according to a person familiar with the meeting.
Mr. Calhoun, who took over the top job at Boeing this month following the ouster of Dennis Muilenburg, has said he planned to focus on rebuilding trust in the company as well as improving its transparency.