That’s because with all of Boeing’s issues, such as a labor strike, delivery delays, job cuts and continued challenges within the defense business, J.P. Morgan analyst Seth Seifman said the losses “are not shocking.”

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 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.