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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 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.
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) has declared a quarterly cash dividend of $0.01 per share on its outstanding common stock. This dividend will be payable on October 4, 2021, to stockholders recorded by the close of business on September 13, 2021. The dividend indicates the company's commitment to returning value to shareholders while maintaining operations as a leading manufacturer of aerostructures for commercial and defense aviation.
Spirit AeroSystems (NYSE: SPR) will report its second quarter 2021 financial results on August 4, 2021, at 6:30 a.m. Central Time. Following this, a conference call led by CEO Tom Gentile, CFO Mark Suchinski, and COO Sam Marnick will take place at 10 a.m. Central Time. The presentation will be broadcast online, featuring charts and a Q&A session. Investors can access the details and the live audio stream on their investor relations website.
Spirit AeroSystems (NYSE: SPR) has secured an exclusive agreement with Rolls-Royce to design and produce slim-line nacelles for the Pearl® 10X engine. This innovative nacelle enhances aircraft performance through improved laminar flow and acoustic properties. The partnership reflects Spirit's strategic diversification into the business jet market, utilizing advanced manufacturing techniques at its Wichita facility. Spirit aims to leverage its experience from previous Rolls-Royce projects to effectively meet production demands and improve manufacturing affordability.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) CEO Tom Gentile will participate in a virtual presentation at the Bernstein 37th Annual Strategic Decisions Conference on June 3, 2021, at 4:30 p.m. (ET). Investors can access the live webcast via the company’s investor relations website. An audio replay will be available for a year after the event. Spirit AeroSystems is a leading manufacturer of aerostructures for commercial and defense aircraft, specializing in aluminum and composite solutions, with facilities worldwide.
Spirit AeroSystems' CEO, Tom Gentile, will present virtually at the Goldman Sachs Industrials & Materials Conference on May 12, 2021, at 2:40 p.m. ET. Interested participants can access the webcast at investor.spiritaero.com. A replay will be available for a year post-presentation. Spirit AeroSystems, a major player in aerostructures for commercial and defense aviation, operates globally from locations including the U.S., U.K., and France, specializing in manufacturing components such as fuselages and wings.
Spirit AeroSystems reported Q1 2021 revenue of $901 million, down 16% from $1,077 million in Q1 2020. The company delivered 269 shipsets, including 29 737 MAX shipsets, with expectations to deliver about 160 737 MAX shipsets in 2021. Cash used in operations was $(170) million, an improvement from $(331) million in the prior year. The adjusted EPS for Q1 2021 was $(1.22) compared to $(0.79) in Q1 2020. Spirit's backlog remains strong at approximately $33 billion, primarily in narrowbody aircraft, despite ongoing challenges in the widebody segment.
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