Welcome to our dedicated page for Spirit Aerosystems Holdings news (Ticker: SPR), a resource for investors and traders seeking the latest updates and insights on Spirit Aerosystems Holdings stock.
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] announced that Mark Suchinski is stepping down as Senior Vice President and Chief Financial Officer. Irene Esteves, former Executive Vice President and Chief Financial Officer of Time Warner Cable, has been appointed the new CFO effective immediately. Suchinski will stay on for a transition period to assist Esteves. CEO Patrick M. Shanahan praised Suchinski's nearly two decades of leadership and welcomed Esteves' extensive experience and financial acumen, which will support Spirit AeroSystems' strategic initiatives. Spirit AeroSystems is a leading manufacturer of aerostructures for commercial airplanes, defense platforms, and business jets, with facilities in multiple countries.
Spirit AeroSystems reported their first quarter 2024 results with revenues of $1.7 billion and an EPS of $(5.31). They are engaged in acquisition discussions with Boeing. The company's revenue increased due to higher production activities. Operating loss rose primarily due to unfavorable changes in estimates and delays in Boeing 737 deliveries. Spirit's current Boeing 737 production rate is 31 aircraft per month. The company's backlog stands at $49 billion. Cash from operations and free cash flow were impacted by production disruptions. Guidance will not be provided until clarity on Boeing discussions and production timing is achieved. Spirit entered an agreement to receive $425 million from Boeing. An incremental forward loss of $50-60 million is expected due to a slower increase in Boeing 787 production. Segment results show increased revenue in the Commercial and Defense & Space segments. Aftermarket segment revenue slightly increased. Total operating loss as a percentage of revenues was 31.0%.
Spirit AeroSystems Holdings, Inc. [NYSE: SPR] will release its first quarter 2024 financial results on May 7, 2024. The conference call presentation will feature Spirit AeroSystems President and CEO Pat Shanahan and CFO Mark Suchinski.
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