Boeing (BA) announces new CEO, posts wider-than-expected Q2 loss

Challenges remain for Boeing despite new CEO announcement: Morgan Stanley

August 1, 2024 8:32 AM EDT

In a note to clients Thursday, Morgan Stanley analysts acknowledged the announcement of Boeing's (NYSE: BA) new CEO, Kelly Ortberg, but said that significant challenges and uncertainties persist for the company.

While the appointment provides some clarity on leadership, the analysts maintained an Equal-weight rating on Boeing.

"We remain Equal-weight as we continue to see a number of near-term challenges and uncertainties facing the company," wrote the... More

Boeing (BA) PT Raised to $220 at RBC Capital

August 1, 2024 6:32 AM EDT

RBC Capital analyst Ken Herbert raised the price target on Boeing (NYSE: BA) to $220.00 (from $210.00) while maintaining a Outperform rating.

The analyst comments "Boeing (BA) reported largely in-line 2Q24 results, with a FCF usage of ($4.3B) and total segment margins of (4.5%). The defense... More

Factbox-Who is Boeing's new CEO Kelly Ortberg?

July 31, 2024 9:01 AM EDT

(Reuters) - Boeing named former Rockwell Collins executive Kelly Ortberg as its new President and CEO, tasking the aerospace industry veteran with turning the struggling planemaker around.

The appointment comes after months of deliberation from Boeing as it tries to salvage its reputation and addresses questions around safety after an Alaska Airlines operated MAX 9 jet experienced a mid-air panel blowout.

Here are some facts about Kelly Ortberg, who starts the new job on Aug. 8:

WHO IS ORTBERG?

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Stifel reiterates Boeing (BA) at Buy on new CEO, "key positive catalyst for shares"

July 31, 2024 7:57 AM EDT

Stifel analyst Bert Subin reiterated a Buy rating on Boeing (NYSE: BA), after the company announced appointment of a new CEO.

The analyst commented: "Boeing reported 2Q adj-EPS of ($2.90), which was below consensus of ($1.90), and an inline FCF burn of ($4.3B). Total sales of $16.9B were lower and backlog was fairly steady at... More

Boeing names Kelly Ortberg CEO to steer turnaround as cash burn rises

July 31, 2024 7:37 AM EDT

By Abhijith Ganapavaram and Allison Lampert

(Reuters) - Boeing on Wednesday named aerospace industry veteran Kelly Ortberg as its CEO to turn around the planemaker beset by legal and regulatory problems after a quarter in which it lost more than $1 billion.

Ortberg will start on Aug. 8 with the monumental task of rebuilding trust with regulators, the industry and the public during a quality crisis, and as the company's finance chief warned it would continue to burn cash.

Boeing has been mired in a reputational and safety crisis after a Jan. 5 mid-air cabin panel blowout on an Alaska... More

Boeing posts bigger loss as defense business struggles to turn around

July 31, 2024 7:34 AM EDT

(Reuters) - Boeing posted a bigger quarterly loss, as its troubled defense and space business exacerbated the financial strain on the U.S. planemaker that has already scaled back commercial aircraft production to tackle a quality crisis.

Its second-quarter net loss stood at $1.44 billion, the company said on Wednesday, compared with $149 million a year ago.

Boeing's Defense, Space and Security unit, one of its three main businesses, has lost billions of dollars in 2023 and 2022, which executives... More

Boeing (BA) Appoints Kelly Ortberg as President and CEO

July 31, 2024 7:32 AM EDT

Boeing [NYSE: BA] today announced that its Board of Directors has elected Robert K. "Kelly" Ortberg as the company's new president and chief executive officer, effective August 8, 2024. Ortberg will also serve on Boeing's Board of Directors.

He will succeed Dave Calhoun, who earlier this year announced his intention to retire from the company, having served as president and CEO since January 2020, and as a member of... More

Boeing (BA) Misses Q2 EPS by $1.21

July 31, 2024 7:31 AM EDT

Boeing (NYSE: BA) reported Q2 EPS of ($2.90), $1.21 worse than the analyst estimate of ($1.69). Revenue for the quarter came in at $16.9 billion versus the consensus estimate of $17.39 billion.

For earnings history and earnings-related data on Boeing (BA) click here.

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Fed decision, BOJ, Microsoft, Meta Platforms - what's moving markets

July 31, 2024 4:24 AM EDT

Investing.com -- The Bank of Japan hiked interest rates earlier Wednesday, putting the focus on the Federal Reserve, which concludes its July meeting later in the session. Wall Street looks set to end the month on a positive note as investors digest earnings from the likes of Microsoft. 

1. BOJ hikes, and the Fed is next 

The Bank of Japan started the weeks central bank parade earlier Wednesday, raising interest rates and signaling its resolve to unwind a decade of massive monetary stimulus.

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Boeing July deliveries hold decent pace, Chinese resumption expected soon: BofA

July 30, 2024 4:30 PM EDT

Investing.com -- Boeing (NYSE: BA) is on track for a solid July in terms of 737 deliveries, as per a note from BofA Securities, citing data from Aero Analysis Partners/AIR (AAP/AIR). While the pace is expected to slow from the June peak, it aligns with... More

Key things to watch when Boeing reports on Wednesday

July 30, 2024 4:00 PM EDT

As Boeing (NYSE: BA) prepares to report its second-quarter earnings on Wednesday, there are several critical areas that analysts and investors should monitor closely, according to a note from Stifel analysts.

Production Expectations: The investment firm says Boeing's production plans for the 737 MAX will be under scrutiny.

They believe analysts will be keen to see if the company reiterates its goal of reaching 38 units per month before year-end and what steps are necessary to lift the current FAA cap of 38 units per month. Additionally,... More