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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.
NASA has awarded FMI, a subsidiary of Spirit AeroSystems (NYSE: SPR), a contract for thermal protection systems (TPS) for key exploration missions, including Mars Sample Return and Dragonfly. These projects require ablative TPS materials for ground testing and flight. FMI will supply PICA and a new innovation called 3MDCP for the missions. With this contract, NASA recognizes FMI's capabilities and trust in delivering high-quality products for future missions, such as returning the first samples from Mars and studying Titan's atmosphere.
Sproutly Canada reported significant developments in its Q3 financial results ending November 30, 2020. The company received its Cannabis 2.0 sales license, enabling it to produce edible and beverage products using its unique APP technology. Highlights include a cannabis supply agreement with Ontario, enabling the sale of CALIBER products, and amendments to convertible debentures reducing the conversion price to $0.06. Additionally, Sproutly settled payroll debts through issuance of common shares, positioning itself for future growth in the cannabis market.
Spirit AeroSystems Holdings declared a quarterly cash dividend of $0.01 per share on its common stock, reflecting the company's commitment to returning value to shareholders. This dividend is payable on April 9, 2021, to stockholders recorded by the close of business on March 19, 2021. As a leading manufacturer of aerostructures for the aerospace sector, Spirit AeroSystems continues to provide critical components for commercial and defense aircraft. This move underscores the company’s financial stability amid industry challenges.
Sproutly Canada (CSE: SPR, OTCQB: SRUTF) has signed a Letter of Intent (LOI) with CannaHive Inc. to enhance its Cannabis 2.0 product lineup through its subsidiary, Toronto Herbal Remedies (THR). The partnership will utilize CannaHive’s manufacturing technology to produce cannabis dissolvable powder at THR’s licensed facility. Following a similar LOI with Cannabis Manufacturer’s Guild, this collaboration aims to optimize branding, commercialization, and distribution across Canadian provinces.
Sproutly Canada (CSE: SPR) (OTCQB: SRUTF) has signed a Letter of Intent with Cannabis Manufacturer’s Guild Ltd. to enhance its product offerings in the cannabis market. The collaboration will enable Sproutly to utilize CMG's branded products through its subsidiary, Toronto Herbal Remedies Inc., focusing on flower and Cannabis 2.0 products. This strategic partnership aims to increase revenue and improve service to underserved market segments. The launch of new products is expected by the end of Q1 2021, expanding Sproutly's portfolio.
Spirit AeroSystems Holdings (NYSE: SPR) will have President and CEO Tom Gentile and CFO Mark Suchinski speak at Credit Suisse's 8th Annual Virtual Industrials Conference on December 2, 2020, at 1:50 p.m. ET. Investors can access the webcast via this link. An audio replay will be available for a year post-presentation. Spirit AeroSystems designs and manufactures aerostructures for commercial and defense customers, with a focus on innovative manufacturing solutions.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) CEO Tom Gentile will present at the UBS Aerospace Virtual Conference on November 12, 2020, at 11:30 a.m. ET. The presentation can be accessed via a webcast available on the company's investor relations page. Following the event, an audio replay will be accessible for one year. Spirit AeroSystems specializes in designing and manufacturing aerostructures for commercial and defense sectors, with operations in multiple countries including the U.S., U.K., and France.
Spirit AeroSystems reported substantial financial challenges in Q3 2020, with revenues of $806 million, down 58% year-over-year. Major factors included lower production due to the Boeing 737 MAX grounding and COVID-19 impacts. The company incurred an operating loss of $177 million, contrasting with an operating income of $206 million in Q3 2019. Despite raising $900 million in secured debt and reducing the Bombardier acquisition price from $500 million to $275 million, Spirit ended the quarter with a cash balance of $1.4 billion.
Spirit AeroSystems has successfully acquired select assets from Bombardier's aerostructures and aftermarket services, including operations in Belfast, Casablanca, and Dallas. This strategic acquisition, valued at $865 million, enhances Spirit's capabilities in engineering and advanced composites, specifically for the A220 wing manufacturing processes. The deal involves a $275 million upfront payment and a £100 million contribution to the Shorts pension scheme in the coming year. This acquisition also adds approximately 3,300 employees and strengthens Spirit's global aftermarket services portfolio.
Spirit AeroSystems announced an amendment to its acquisition agreement with Bombardier, reducing the purchase price from $500 million to $275 million. The deal involves acquiring Shorts and Bombardier Aerospace North Africa, with Spirit assuming liabilities related to Shorts' pension (approximately $300 million) and a repayable investment agreement (about $290 million). The total enterprise value of the acquisition is now $865 million. The acquisition is expected to close on October 30, 2020, enhancing Spirit's position in the aerospace market.
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