Boeing (NYSE:BA) named Kelly Ortberg its new CEO as it released second-quarter earnings.
The aerospace giant on revenue of $16.87 billion during the quarter.
Ortberg was with defense contractor RTX (NYSE:RTX), formerly Raytheon, .
BA stock was up 1.4% overnight, opening this morning at about $188 per share. That’s a market capitalization of $115 billion on 2023 revenue of $78 billion.
Kelly Ortberg’s Task
Ortberg spent 35 years in the defense business, mostly with , one of the predecessor companies to RTX. He became its CEO in 2013.
He faces a daunting task at Boeing. The second quarter numbers were , with both the commercial and defense businesses losing money.
Boeing has also suffered this year. First, on Jan. 5, a fuselage door plug from a new 737 Max 9 was lost. This was followed in June by the inability of its Starliner spacecraft to from the International Space Station.
Boeing announced back in March that CEO Dave Calhoun would leave . Boeing said Ortberg was hired after a long search and will start Aug. 8.
Despite its problems, Boeing continues to receive . Its backlog would take at the present production rate.
The 20 analysts following Boeing at TipRanks consider it , with 15 telling clients to buy it and one saying sell. Traders at Stocktwits remain on the stock.
BA Stock: What Happens Next?
Boeing has scheduled a to discuss the earnings and introduce Ortberg at 10:30 Eastern Time. Analysts will weigh in after that, and the stock price will move in response.
On the date of publication, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
