Boeing warned on Thursday that it expected a fourth-quarter loss of about $4 billion to close a year marred by a production quality crisis, stricter regulatory scrutiny, supply chain delays and a crippling strike by U.

Boeing has warned that it expected a fourth-quarter loss of about $4 billion to close a year marred by a production quality crisis, stricter regulatory scrutiny, supply chain delays and a crippling strike by US West Coast factory workers.

Shares of Boeing Co. reversed higher in early Friday trading, and some may wonder why they’re not actually tumbling considering the aerospace giant’s warning of a massive fourth-quarter net loss. That’s because with all of Boeing’s issues,

Boeing lost roughly $4 billion in the most recent quarter, when the jet maker was hit by a debilitating strike, suffered mounting losses in troubled U.S. government projects and incurred costs tied to sweeping job cuts rolled out at the end of the year.

Boeing announced fourth quarter details showing it lost last year about $11.8 billion, the second heaviest loss in Boeing history.

Boeing expects to report a larger-than-expected loss when it unveils fourth-quarter results next week, the financially strapped U.S. planemaker said on Thursday, due to charges at its defense unit and losses from a crippling strike.