Boeing lost $636 million in 2019, its first full-year loss in more than 20 years, as the 737 Max crisis continues

• Boeing reported its first annual loss in more than 20 years on Wednesday, as it continues to grapple with the fallout of the 737 Max crisis.
• The aviation giant lost $636 million in 2019. This is the first time it has reported a full-year loss since 1997.
• Boeing is still wrestling with the reputational and financial issues caused by two crashes involving the 737 Max, which killed 346 people.
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Boeing reported its first annual loss in more than two decades on Wednesday, as the company continues to grapple with the fallout of the 737 Max crisis.

The aviation giant lost $636 million in 2019, it reported Wednesday, the company's first full year loss since 1997. Boeing also lost $1.01 billion in the fourth quarter of 2019, it said.

Boeing's full year loss in 2019 looks particularly stark in comparison to the $10.46 billion profit it reported in 2018.

Those losses primarily reflect "the impacts of the 737 Max grounding," the company said.

Boeing is still wrestling with the reputational and financial issues caused by two crashes involving the 737 Max, which killed 346 people. All 737 Max jets remain grounded worldwide.

"We recognize we have a lot of work to do," Boeing's newly-installed CEO David Calhoun said in a statement.

This is a developing story. More follows.