Incoming Boeing CEO Kelly Ortberg probably didn’t need a reminder of what he’s walking into. Nonetheless, the troubled airplane manufacturer’s Q2 earnings, posted just before his hire was announced last Wednesday, underlined the mess he’s inherited. The company reported a loss per share of $2.90, missing analyst expectations by almost a dollar. Its core operating loss more than tripled from last year to $1.4 billion.
Even with a respected industry veteran assuming the helm Thursday, the numbers could get worse. Two decades of leadership missteps at the company have been well documented, but Bank of America senior analyst Ronald Epstein said Boeing’s credibility issues also taint how investors view its financials.
