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.

The machinist strike and Pentagon projects have sapped the manufacturer’s cash flow.