Boeing (BA) shares rose Wednesday as the announcement of a new chief executive outweighed second quarter results that came in below expecဣ♏tations.

The airplane maker said that its next CEO will be Kelly Ortberg, a former engineer and CEO of Rockwell Collins, an aerospace manufacturer that now operates as a subsidiary of RTX (RTX) called Collins Aerospace.

Ortberg will take over for outgoing CEO Dave Calhoun starting Aug. 8. Boeing announced in March that Calhoun would leave the 澳洲幸运5官方开奖结果体彩网:position at the end of the year.

CEO Enthusiasm Outweighs Massive Q2 Loss

Boeing's second-quarter results came in worse than analysts expected as it looks to move past a troubled first half of the year that included 澳洲幸运5官方开奖结果体彩网:safety incidents, 澳洲幸运5官方开奖结果体彩网:tense Congressional testimony, investigations from 澳洲幸运5官方开奖结果体彩网:regulators and law enforcement, and a 澳洲幸运5官方开奖结果体彩网:guilty plea for defrauding the federal government.

Boeing reported $16.87 billion in Q2 revenue, down 15% year-over-year and below the $17.36 billion analysts had expected, according to consensus estimates compiled by Visible Alpha. The company reported a substantially larger net loss than expected at $1.44 billion, nearly 10 times as large as the $149 million loss last year, while analysts had estimated an $831 million loss.

"While we have more work ahead, the 澳洲幸运5官方开奖结果体彩网:steps we're taking will help stabilize our operations and ensure Boeing is the company the world needs it to be," Calhoun said. "W🌱e are making important progress in our recovery and will continue to build trust throug🤪h action and transparency."

Boeing shares rose 2% to $190.95 so𒈔on after the opening bell Wednesday but are sꦅtill down about 27% so far this year.