Boeing's Q2 Earnings: Huge Revenue Decline, Lower Deliveries, Names Former Aerospace Industries Association Chair Kelly Ortberg As New CEO (UPDATED)
Portfolio Pulse from Akanksha Bakshi
Boeing reported a significant decline in Q2 2024 revenue and deliveries, missing analyst expectations. The company named Kelly Ortberg as the new CEO, effective August 8, 2024. Boeing's commercial airplane deliveries and defense revenue fell, while global services revenue grew slightly. The company also saw an increase in debt and a substantial operating cash outflow.
July 31, 2024 | 12:18 pm
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NEGATIVE IMPACT
Boeing reported a 15% decline in Q2 2024 revenue and lower deliveries, missing analyst expectations. The company named Kelly Ortberg as the new CEO. Despite the negative earnings report, BA shares are trading higher by 2.06% premarket.
Boeing's significant revenue decline and lower deliveries are negative indicators for the company's short-term performance. However, the appointment of a new CEO with extensive industry experience may provide some optimism, as reflected in the premarket share price increase. The overall impact is likely negative due to the poor earnings report, but the CEO announcement could mitigate some of the downside.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100