Boeing Co. ( BA )'s striking machinists overwhelmingly rejected the company's latest offer in a union member vote tallied late Wednesday.

The proposed labor deal would have ended the work stoppage that has already cost Boeing ( BA ) an estimated $2 billion over the last five weeks. 

The Details: International Association of Machinists and Aerospace Workers (IAM) union members overwhelmingly rejected the offer with 64% of members who cast ballots on Wednesday voting against the tentative agreement, according to the IAM. 

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"Our members deserve more and have spoken loudly," IAM District 751 President Jon Holden said after the vote count. "We have made tremendous gains in this agreement. However, we have not achieved enough to meet our members' demands," added Holden. 

Boeing ( BA ) CEO Kelly Ortberg addressed the ongoing strike on an earnings call Wednesday before the union results came in. 

Ortberg said the ongoing work stoppage is "first and foremost" among the company's biggest challenges. Yet, he was "optimistic" that union members would accept the proposed deal. Boeing ( BA ) had been “feverishly working to find a solution that works for the company and meets our employees’ needs,” Ortberg added.

Boeing's ( BA ) offer would have raised wages by 35% over four years, increased 401(k) contributions and included a $7,000 bonus. However, the offer did not include the resumption of pension benefits, a key issue for union members. 

"The loss of the pension is still right at the heart of this for many," the IAM’s Holden said Wednesday. 

Boeing Analysts Weigh In: BofA Securities analysts estimate the strike is costing Boeing ( BA ) approximately $50 million each day due to the halt in production. The analysts estimate a strike lasting 58 days. The average strike's duration would result in a financial impact of nearly $3 billion. 

BofA said the union's "rejection adds further uncertainty, costs, and recovery delays" as the strike has now reached the 40 day mark. The research firm sees more benefit to Boeing ( BA ) improving the labor deal and resuming work as quickly as possible, as the risks of losing talent and the recovery timeline increase each day. 

Back To The Table: While an exact date for resuming talks has not been announced, statements from the union suggest that negotiations are likely to continue shortly.

“Having endured ten years of sacrifices, we still have ground to cover, and we are optimistic about making progress by resuming discussions soon," Holden said. 

Price Action: According to Benzinga Pro, Boeing ( BA ) shares are trading 1.36% lower at $154.93 at the time of publication Thursday.

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