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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 has inaugurated its National Defense Prototype Center (NDPC) in Wichita, Kansas, in collaboration with Wichita State University's National Institute for Aviation Research. This center aims to enhance Spirit's defense and space production capabilities, targeting $1 billion in defense revenue by the mid-2020s. The NDPC spans over 125,000 square feet, featuring advanced testing and manufacturing technologies for high-temperature materials, crucial for developing hypersonic missiles and other defense applications.
Spirit AeroSystems (NYSE: SPR) will announce its third quarter 2021 financial results on November 3, 2021 at 6:30 a.m. CT. A conference call featuring key executives, including Tom Gentile and Mark Suchinski, will follow at 10 a.m. CT for analysts to discuss the results and future outlook. The event will be accessible online, alongside a detailed news release. Spirit AeroSystems is recognized for its production of aerostructures for commercial and military aircraft, leveraging advanced manufacturing and a global presence in the aeronautics industry.
Spirit AeroSystems, a subsidiary of Spirit AeroSystems Holdings, has signed a 10-year agreement with SF Airlines to modify inlet cowlings for its Boeing 757 cargo freighters. The agreement was finalized at the Air Show China in Zhuhai, enhancing Spirit's repair capabilities and regional support in the Asia Pacific. Inlet cowlings will be repaired at Spirit's Belfast operations, aiming to improve operational efficiency for SF Airlines in the post-COVID market landscape. This strategic partnership signals Spirit's commitment to supporting growing freight traffic.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) announced a new organizational structure focused on three divisions: Commercial, Defense & Space, and Aftermarket. The changes, effective October 1, 2021, aim to enhance growth in key markets and will reflect in financial reporting starting from the 2021 fiscal year-end results. Leadership appointments include Sam Marnick as President of the Commercial Division and Duane Hawkins as President of the Defense & Space Division. Spirit aims for a 40-40-20 revenue split across divisions, signaling a strategic diversification of its customer base.
Spirit AeroSystems has officially opened its Aerospace Innovation Centre (AIC) in Prestwick, Scotland, in the presence of government officials and academic partners. The AIC, a 90,000 square foot facility, is designed for advanced materials and digital manufacturing technologies, showcasing an investment of approximately £25 million from Spirit and nearly £5 million from Scottish Enterprise. This center aims to foster collaboration and innovation in aerospace, supporting industry growth and job creation amid challenges facing the sector.
Spirit AeroSystems, Inc. showcased its advanced manufacturing capabilities at the 2021 Air Force Association Conference. The company emphasized its role in digital transformation, enhancing production efficiency by connecting design and manufacturing processes. Eric Hein, Vice President, stated that Spirit utilizes its experience to facilitate smooth transitions from prototype to production, addressing the complexities of the marketplace. Digital engineering is central to Spirit’s defense diversification strategy, which will continue to be a focus for future investments.
Spirit AeroSystems has inaugurated its state-of-the-art Global Digital Logistics Center (GDLC) in Wichita, a 150,000-square-foot facility aimed at enhancing production efficiency. Funded through a collaboration with the City of Wichita and Sedgwick County, the GDLC features a cutting-edge automated high-bay shuttle system capable of managing over 95,000 unique parts, ensuring 99.97% part kit delivery accuracy. This facility is critical for improving inventory management and production flow, significantly impacting Spirit's operational capabilities.
Spirit AeroSystems (NYSE: SPR) has delivered its first advanced composite spoilers for the Airbus A320 Family, utilizing pioneering Resin Transfer Moulding (RTM) technology. This new design enhances manufacturing efficiency while reducing costs and energy consumption. Produced in Prestwick, Scotland, the spoilers represent a significant advancement in aerospace manufacturing, supported by investment from the Scottish Government. The company aims to bolster competitive advantage, contributing to a sustainable aerospace industry and aligning with the UK's net-zero goals.
Spirit AeroSystems, a subsidiary of Spirit AeroSystems Holdings (NYSE: SPR), collaborated with Lockheed Martin to unveil the Polaris digital engineering and assembly demonstrator on August 10 in Palmdale, California. This partnership integrates a Tier 1 supplier into Lockheed's Integrated Digital Environment, enhancing product development efficiency. Key outcomes include a 70% reduction in assembly hours and a 95% increase in initial quality. This joint effort aims to revolutionize defense program execution and accelerate the introduction of new products to market.
Spirit AeroSystems (NYSE: SPR) reported a significant rebound in Q2 2021, with revenues of $1.0 billion, up 55% year-over-year, driven by increased production on Boeing 737 and Airbus A320 programs. Operating loss improved to ($97.7 million), a 73% reduction compared to the previous year, while net loss decreased 47% to ($135 million). The company recognized a $46 million forward loss on the Boeing 787 program. Despite challenges, Spirit's backlog remains strong at approximately $34 billion. The cash balance stands at $1.3 billion.
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