Boeing (NYSE:BA) shares edged up in Wednesday’s first hour, as the aircraft maker reported a bigger loss and weaker revenue than analysts expected for the second quarter as both its commercial airplane and defense programs continued to struggle.
Boeing reported a net loss for the second quarter of $1.44 billion, or $2.33 per share, compared with a loss of $149 million, or 25 cents per share, during the year-earlier period. On an adjusted basis, the company reported a loss of $2.90 per share, coming in nearly $1 per share under analyst expectations, according to LSEG.
Revenue for the three months ended June 30 was down 15% to $16.87 billion.
Boeing is trying to regain its footing after a door plug blowout from a new 737 Max at the start of the year reignited additional scrutiny from regulators and further slowed deliveries of new, more fuel-efficient jets to airlines.
The company’s commercial airplanes unit reported a 32% year-over-year drop in revenue to $6 billion.
“Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future,” CEO Dave Calhoun said in an earnings release on Wednesday.
The aerospace giant separately reported Wednesday that it had tapped industry veteran Kelly Ortberg to replace Calhoun next month.
BA shares took on $2.02, or 1.1%, to $188.88.
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