Boeing Posts Wider Loss In Q2; Names Kelly Ortberg President & CEO

(RTTNews) - Boeing (BA) posted a second quarter net loss of $1.44 billion compared to a loss of $149 million, last year. Loss per share was $2.33 compared to a loss of $0.25. Core loss per share widened to $2.90 from a loss of $0.82. Analysts on average had expected the company to post a loss of $1.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue was $16.9 billion compared to $19.8 billion, last year. Analysts on average had estimated $17.23 billion in revenue.

The company said its results primarily reflect lower commercial delivery volume and losses on fixed-price development programs.

Boeing said its Board has elected Robert Kelly Ortberg as new president and chief executive officer, effective August 8, 2024. Ortberg will also serve on Board. He is the former Chair of the Aerospace Industries Association Board of Governors. He will succeed Dave Calhoun, who earlier announced his intention to retire from the company.

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