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Spirit AeroSystems Holdings, Inc. (NYSE: SPR) is headquartered in Wichita, Kansas, USA, and is one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. The company's extensive footprint spans facilities in Tulsa and McAlester, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France.
Spirit AeroSystems specializes in producing aerostructures, notably fuselages, cockpits, wing components, engine pylons, and nacelles. It serves both the commercial and military aviation sectors. Since its spin-off from Boeing in 2005, Spirit has become the largest independent supplier of aerostructures for commercial aircraft, with Boeing and Airbus as its primary customers. Boeing accounted for approximately 60% of revenue, while Airbus contributed around 20% in recent years.
In the US, Spirit's core products include fuselages, pylons, nacelles, and wing components. The company also provides aftermarket services such as spare parts, maintenance, repair, and overhaul (MRO), and fleet support services across North America, Europe, and Asia. In Europe, Spirit manufactures wing components for Airbus among other customers.
Recent achievements and ongoing projects underscore Spirit's commitment to innovation and quality. Notable updates include the completion of a tender offer for its 7.500% Senior Secured Second Lien Notes due 2025, and organizational changes focused on enhancing quality and operational performance. In 2023, Spirit reported a significant increase in revenue due to higher production deliveries and favorable pricing adjustments on the Boeing 787 program.
The company is currently engaged in discussions with Boeing about a possible acquisition, although no definitive agreement has been reached. This potential transaction reflects Spirit's strategic efforts to further enhance shareholder value.
With a robust backlog of $49 billion, Spirit AeroSystems continues to adapt and evolve, leveraging its decades of design and manufacturing expertise to remain a reliable supplier of military aerostructures and high-temperature materials crucial for complex missions. The company's financial outlook remains cautious, reflecting ongoing negotiations and production adjustments in collaboration with key partners like Boeing and Airbus.
Spirit AeroSystems (NYSE: SPR) has secured a second amended agreement with Airbus, featuring a $107 million non-interest-bearing line of credit. The funds will be used as advance payments for Airbus programme production and product delivery. The credit line's repayment obligations will either be assumed by Airbus or its affiliates upon closing of transactions outlined in their June 30, 2024 term sheet, or be repaid by April 1, 2026.
Spirit AeroSystems (NYSE: SPR) has secured an advance payments agreement with Boeing worth up to $350 million to support production of Boeing products. The agreement aims to address Spirit's challenges including high inventory levels, lower operational cash flows, decreased Boeing deliveries, higher factory costs, and impacts from a recent Boeing employee strike. The advance payment will be repaid in four equal installments of 25% each, scheduled for April 30, June 30, September 30, and December 31, 2026.
Spirit AeroSystems (NYSE: SPR) reported third quarter 2024 financial results with revenues of $1.5 billion and EPS of $(4.07). The company experienced cash usage of $276 million in operations and free cash flow usage of $323 million. The quarter was impacted by higher unfavorable changes in estimates, including net forward losses of $217 million, primarily from Boeing 787 and Airbus A220 programs. The company announced furloughs for approximately 700 employees due to the ongoing Boeing IAM strike. Spirit's backlog stands at $48 billion, while the pending Boeing acquisition is expected to close in mid-2025.
Spirit AeroSystems (NYSE: SPR) has announced employee furloughs in response to the ongoing Boeing strike that began on September 13. Effective October 28, the company will implement a 21-day furlough for approximately 700 employees working on the 767 and 777 programs. This decision comes due to storage capacity for these units.
Additional cost-saving measures include a hiring freeze, travel restrictions, and overtime limitations. If the strike continues beyond November, Spirit may need to implement layoffs and additional furloughs due to financial pressures. CEO Pat Shanahan emphasized the difficulty of this decision and the company's commitment to supporting affected employees and their families.
Despite these challenges, Spirit AeroSystems remains committed to maintaining high quality and safety standards, and meeting its obligations to customers, regulators, and the aerospace industry.
Spirit AeroSystems (NYSE: SPR), a global leader in aerostructures manufacturing, is set to launch its official podcast, 'The Shop Floor,' on August 27th. The podcast will be available on major platforms including Spotify, Apple Podcasts, Stitcher, Google Podcasts, and YouTube. Hosted by Spirit spokesperson Joe Buccino, the podcast aims to highlight the company's workforce of over 20,000 employees across the United States and overseas.
'The Shop Floor' will delve into Spirit's history, critical commercial and defense programs, and the birth of aviation in Wichita, Kansas - the company's headquarters and considered the aviation capital of the U.S. The podcast offers a unique perspective by giving voice to Spirit's workforce and showcasing individual stories from the shop floor.
Spirit AeroSystems (NYSE: SPR) reported Q2 2024 results with revenues of $1.5 billion and an EPS of $(3.56). The company faced challenges, including delivery delays due to ongoing product verification process optimization with Boeing. Key highlights:
- Delivered 27 Boeing 737 fuselages, lower than anticipated
- Cash used in operations: $566 million
- Free cash flow usage: $597 million
- Backlog: approximately $48 billion
- Recognized $214 million in net forward losses
- Entered merger agreement with Boeing, expected to close mid-2025
- Borrowed $200 million under a bridge term loan facility
The company's financial outlook was withdrawn due to the pending merger with Boeing.
Spirit AeroSystems Holdings, Inc. [NYSE: SPR] has announced the release date for its second quarter 2024 financial results. The company will publish the results on its investor relations website after the market closes on Monday, August 5, 2024. Notably, Spirit has suspended its quarterly earnings conference calls following the recent announcement of a merger agreement with The Boeing Company. This decision marks a significant change in the company's investor communication practices and could potentially impact how shareholders and analysts receive and interpret financial information.
Allegion (NYSE: ALLE), a global leader in security products, has announced the appointment of Stacy Cozad as Senior Vice President, General Counsel, and Corporate Secretary, effective August 5, 2024. Cozad succeeds Jeff Braun, who will retire on December 31, 2024. With nearly 30 years of experience, Cozad brings expertise in law, compliance, corporate communications, and cybersecurity. Previously, she served as EVP, General Counsel, and Corporate Secretary at Ingevity , managing $2 billion in 2023 revenue. John H. Stone, Allegion's CEO, highlighted Cozad's strategic problem-solving skills and dedication to core values, welcoming her to the executive leadership team to drive the company's growth and innovation.
Spirit AeroSystems announced its acquisition by Boeing for $37.25 per share, equating to an equity value of approximately $4.7 billion and an enterprise value of $8.3 billion, including net debt.
Boeing [NYSE: BA] announced a definitive agreement to acquire Spirit AeroSystems [NYSE: SPR] in an all-stock transaction valued at $4.7 billion, with a total transaction value of $8.3 billion, including Spirit's net debt. Spirit shareholders will receive Boeing shares based on an exchange ratio related to Boeing's share price. This acquisition aims to enhance Boeing's commercial production, safety, and quality management systems, ensuring continuity for key U.S. defense programs and providing long-term value to stakeholders. The deal also involves the sale of certain Spirit operations to Airbus and is expected to close by mid-2025, subject to regulatory approvals and other conditions.
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