Boeing Names New CEO, Reports Large Q2 Loss

Boeing (BA) shares roseate Wednesday arsenic nan announcement of a caller main executive outweighed 2nd 4th results that came successful beneath expectations.

The airplane shaper said that its adjacent CEO will beryllium Kelly Ortberg, a erstwhile technologist and CEO of Rockwell Collins, an aerospace shaper that now operates arsenic a subsidiary of RTX (RTX) called Collins Aerospace.

Ortberg will return complete for outgoing CEO Dave Calhoun starting Aug. 8. Boeing announced successful March that Calhoun would time off nan position astatine nan extremity of nan year.

CEO Enthusiasm Outweighs Massive Q2 Loss

Boeing's second-quarter results came successful worse than analysts expected arsenic it looks to move past a troubled first half of nan twelvemonth that included safety incidents, tense Congressional testimony, investigations from regulators and rule enforcement, and a guilty plea for defrauding nan national government.

Boeing reported $16.87 cardinal successful Q2 revenue, down 15% year-over-year and beneath nan $17.36 cardinal analysts had expected, according to statement estimates compiled by Visible Alpha. The institution reported a substantially larger net loss than expected astatine $1.44 billion, astir 10 times arsenic ample arsenic nan $149 cardinal nonaccomplishment past year, while analysts had estimated an $831 cardinal loss.

"While we person much activity ahead, nan steps we're taking will thief stabilize our operations and guarantee Boeing is nan institution nan world needs it to be," Calhoun said. "We are making important advancement successful our betterment and will proceed to build spot done action and transparency."

Boeing shares roseate 2% to $190.95 soon aft nan opening doorbell Wednesday but are still down astir 27% truthful acold this year.