Shares of Boeing (NYSE: BA) fell nearly 5% on Wednesday morning after the company posted a loss of nearly $12 billion in 2020. It was a year to forget for the aerospace giant, and investors are realizing there is no quick fix for what ails Boeing.
Boeing before markets opened on Wednesday reported a fourth-quarter loss of $15.25 per share on revenue of $15.3 billion. There were some unexpected charges in the quarter, which helps explain the earnings miss relative to the $1.80-per-share loss analysts had expected.
Boeing lost $11.9 billion for the year on revenue of $58.2 billion, down 24% from a year prior. The company in 2020 was hit by the one-two blow of the pandemic, which reduced airline demand for new planes, and the continued fallout of its 737 MAX grounding.