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 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.

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.