"We recognize we have a lot of work to do," Boeing President and CEO David Calhoun said in a statement. Boeing had previously estimated an $8 billion price tag for the MAX fallout. Boeing shares rose 3% in premarket trading, as some analysts had expected an even larger charge for 737 MAX costs. The stock has lost about a quarter of its value since early March 2019. The Chicago-based planemaker has been updating the 737 MAX flight control system and software to address issues believed to have played a role in both crashes. The US Federal Aviation Administration has suggested that it could approve the MAX to fly again before mid-year, longer than Boeing had initially expected. Calhoun told CNBC on Wednesday he believes the company can meet the certification timeline. Boeing's core operating loss was $2.53 billion, or $2.33 per share, compared with a profit of $3.87 billion, or $5.48 per share, a year earlier.