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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 acquired the assets of Applied Aerodynamics, a Texas-based composite maintenance, repair, and overhaul (MRO) company. This strategic acquisition, which includes a 120,000-square-foot facility, enhances Spirit's MRO infrastructure and expertise, enabling the company to offer a broader range of services for various aircraft models. The move aims to reduce costs and improve turnaround times for customers, facilitating greater competitiveness within the market as the aviation industry rebounds post-pandemic.
Spirit AeroSystems (NYSE: SPR) Belfast will lead Team MOSQUITO, collaborating with Northrop Grumman and Intrepid Minds, to advance the UK Ministry of Defence's Lightweight Affordable Novel Combat Aircraft (LANCA) project. The initiative is expected to support over 100 STEM jobs and potentially enhance the UK's defence capabilities. By leveraging advanced manufacturing and digital applications, the team aims to create a lightweight, uncrewed aircraft that promises reduced maintenance and fuel consumption. This collaboration aligns with the MOD's strategic goals and aims to strengthen the UK industrial base.
Spirit AeroSystems (NYSE: SPR) will announce its first quarter 2021 financial results on May 5, 2021, at 6:30 a.m. Central Time. President and CEO Tom Gentile, CFO Mark Suchinski, and COO Sam Marnick will discuss the results on a conference call at 10 a.m. Central Time. The call will include a Q&A session and will be available via an online audio stream. Interested parties are encouraged to check the company’s website for access details before the event.
Sproutly Canada has successfully closed the first tranche of a financing round, securing $552,500 from the issuance of 11,050,000 units at $0.05 each. Each unit comprises one common share and one warrant, allowing for the purchase of additional shares at $0.07 over two years. The funds will be used for working capital, and the placement awaits approval from the Canadian Securities Exchange. Additionally, the company paid $24,862.50 in finder's fees through unit issuance. Sproutly aims to lead in cannabis beverage ingredients.
Spirit AeroSystems has appointed Mindy McPheeters as Senior Vice President, General Counsel, and Corporate Secretary, effective immediately. McPheeters, who previously served as Interim General Counsel and Vice President, Deputy General Counsel, will now be part of the Executive Leadership Team and report directly to Tom Gentile, CEO. With six years at Spirit, McPheeters has extensive experience in various legal roles. Her appointment aligns with Spirit's strategy to diversify its operations within the aerospace sector.
Spirit AeroSystems (NYSE: SPR) announced that Mark Suchinski, Senior Vice President and CFO, will speak at the J.P. Morgan Industrials Conference on March 16, 2021, at 5:20 p.m. ET. The presentation will be available via a webcast, with access recommended beforehand to ensure proper configuration. An audio replay of the session will be accessible for 30 days post-presentation.
Spirit AeroSystems focuses on manufacturing aerostructures for commercial and defense aircraft and operates globally from its headquarters in Wichita, Kansas.
Spirit AeroSystems reported a challenging year in 2020 marked by a significant decline in revenues and losses due to the 737 MAX grounding and COVID-19. Q4 revenues fell 55% to $877 million, while full-year revenues dropped 57% to $3.4 billion. The operating loss for Q4 2020 was $101 million, with a full-year loss of $813 million. Spirit ended the year with $1.9 billion in cash, having raised $2.1 billion in secured debt and reduced staff by 8,000 to cut costs by $1 billion. The company acquired select Bombardier assets to diversify its business.
Spirit AeroSystems announced the full redemption of $300 million in Senior Floating Rate Notes due 2021. The redemption will occur on February 24, 2021, at a price of 100% of the principal plus accrued interest. A notice was sent to all registered holders on February 12, 2021. The company, a leader in aerostructures for the aerospace industry, continues to navigate challenges, including the impact of COVID-19 and reliance on major clients like Boeing and Airbus. Stakeholders are advised to consider the risks outlined in the press release regarding future performance.
Sproutly Canada has updated its partnership with CannaHive Inc. through a revised Letter of Intent, broadening their agreement beyond cannabis dissolvable powder to include the production of cannabis-infused confectionaries at Toronto Herbal Remedies' licensed facility. This expansion aims to maximize production capabilities for quality infused products in the Canadian market. Both companies expressed optimism about leveraging their technologies, anticipating enhanced customer experiences and increased market presence.
Spirit AeroSystems (SPR) will announce its fourth quarter and full-year 2020 financial results on February 23, 2021, at 6:30 a.m. Central Time. The presentation, led by CEO Tom Gentile and CFO Mark Suchinski, will include a conference call for analysts at 10 a.m. Central Time. It will be streamed online and feature charts and a Q&A session, allowing stakeholders to engage with the company's outlook. Spirit AeroSystems specializes in manufacturing aerostructures for commercial and defense aviation, with operations spanning multiple countries.
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