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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 declared a quarterly cash dividend of $0.01 per share on its common stock. This dividend will be paid on January 4, 2021, to stockholders who are on record as of the close of business on December 14, 2020. This move underscores the company's commitment to returning value to its shareholders amidst its operations in designing and building aerostructures for commercial and defense sectors.
Spirit AeroSystems will announce its third quarter 2020 financial results on November 3, 2020, at 6:30 a.m. CT. President and CEO Tom Gentile and CFO Mark Suchinski will discuss the results during a conference call at 10 a.m. CT. The presentation will feature a live audio stream and a Q&A session, accessible via the company’s investor relations website. Spirit AeroSystems, headquartered in Wichita, Kansas, specializes in designing and manufacturing aerostructures for commercial and defense sectors.
Spirit AeroSystems announced the successful closure of a private offering of $500 million in 5.500% Senior Secured First Lien Notes due 2025. Concurrently, the company closed on a $400 million Senior Secured Term Loan B. The net proceeds will be used for general corporate purposes. The offering was made under an exemption from the Securities Act, targeting qualified institutional buyers. The senior notes and term loan are secured by assets of Spirit and are positioned as senior secured obligations, ranking equally with existing senior indebtedness.
Spirit AeroSystems, based in Wichita, Kansas, has priced a private offering of $500 million of 5.500% Senior Secured First Lien Notes due 2025. This offering increased from the initial $400 million. The company plans to use the proceeds for general corporate purposes, with the closing expected around October 5, 2020. The notes will be secured by specific assets, ranking equally with existing senior debt. Interest payments will begin January 15, 2021. The offering is made under a Securities Act exemption and is not registered.
Spirit AeroSystems, Inc. is offering $400 million of Senior Secured First Lien Notes due 2025 in a private offering. The net proceeds will be utilized for general corporate purposes. The offering is guaranteed by the Company and its subsidiary and secured by certain assets, ranking equally with existing senior debts. The Notes will be sold to qualified institutional buyers and are not registered under the Securities Act. This press release does not constitute an offer to sell or a solicitation to buy the Notes.
Spirit AeroSystems (NYSE: SPR) has announced a significant expansion of its aftermarket operations in Asia through a multi-year partnership with Evergreen Aviation Technologies Corporation (EGAT) and a maintenance agreement with EVA Air for 777 GE90 nacelles. This collaboration aims to reduce MRO costs for airlines by providing local repair services, thereby increasing aircraft uptime and enhancing service capabilities. The partnership also allows Spirit to support a wider range of aircraft fleets and could lead to substantial cost savings by minimizing outsourcing.
Spirit AeroSystems has announced a strategic partnership with Belcan, effective Sept. 9, 2020. This collaboration includes a Memorandum of Understanding (MOU) for Belcan to provide engineering capabilities at Spirit's Aerospace Innovation Centre in Prestwick, Scotland. The focus will be on wing engineering and multi-disciplinary support. The center, covering 85,000 square feet, aims to enhance collaborative efforts and innovative aerostructure design. Both companies expressed enthusiasm about this partnership as a key milestone in developing advanced aircraft architectures.
Spirit AeroSystems will have its President and CEO Tom Gentile and CFO Mark Suchinski present at the 8th Annual Morgan Stanley Laguna Conference on September 15, 2020, at 2:15 p.m. ET. This virtual event will allow investors and interested parties to access the presentation live on the company’s investor relations website. An audio replay will be available for six months after the event. Spirit AeroSystems specializes in designing and manufacturing aerostructures for commercial and defense sectors, with a focus on innovative manufacturing solutions.
Spirit AeroSystems reported a significant decline in second quarter 2020 results, with revenues down 68% year-over-year to $645 million, primarily due to the grounding of the Boeing 737 MAX and COVID-19. Operating losses reached $367 million, and net losses amounted to $256 million, with a diluted EPS of $(2.46). The company implemented cost-saving measures expected to yield $1 billion in annual savings and announced a reduction of commercial workforce by approximately 8,000. The cash balance remained strong at $1.9 billion, but the outlook remains volatile with anticipated forward losses for Q3.
Spirit AeroSystems (NYSE: SPR) announced a reduction of 1,100 jobs at its Wichita, Kansas facility in response to decreased demand for commercial aircraft due to the COVID-19 pandemic and the ongoing 737 MAX production cuts. This move, part of a broader strategy to align workforce levels with customer demand, reflects an 80% drop in production from 125 units to 72 for 2020. CEO Tom Gentile emphasized the importance of this adjustment for financial health while expressing confidence in the aviation industry's future recovery.
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