Boeing today reported its first annual loss in more than two decades. The company reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, its first full-year loss since 1997.

Boeing’s 737 MAX has been grounded since March after two crashes killed 346 people. The crashes led to investigations of the company’s safety practices.

Newly-installed Chief Executive David Calhoun vowed to turn the company around: “We recognise we have a lot of work to do”, he said, and added: “We are committed to transparency and excellence in everything we do”.

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