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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 Holdings reported a 30% increase in revenue for Q1 2022, totaling $1.2 billion, compared to $901 million in Q1 2021. The operating loss decreased to $42 million, reflecting a 66% improvement year-over-year. Loss per share improved significantly to $(0.51) from $(1.65). Free cash flow usage rose to $298 million. Spirit's backlog stood at approximately $36 billion. Despite challenges from the pandemic and geopolitical tensions, production rates, especially on the Boeing 737 program, have increased.
Spirit AeroSystems Holdings declared a regular quarterly $0.01 per share cash dividend on its common stock. The dividend, payable on July 7, 2022, is for stockholders of record as of the close of business on June 16, 2022. This announcement reflects the company's ongoing commitment to returning value to its shareholders amidst its operations in aerostructures for commercial and military platforms.
Spirit AeroSystems has officially entered a partnership with Guangzhou Aircraft Maintenance Engineering Company (GAMECO) to establish an Authorized Repair Center in Mainland China. This collaboration aims to provide local air carriers with reduced freight costs and less aircraft downtime. Initial services focus on the repair of Boeing 757 and A330 inlet cowlings, with plans for future expansions. Spirit's Aftermarket business has seen growth from
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) is set to release its first quarter 2022 financial results on May 4, 2022, at 6:30 a.m. Central Time. A conference call for securities analysts will follow at 10 a.m. Central Time, featuring insights from President and CEO Tom Gentile, CFO Mark Suchinski, and COO Sam Marnick. The presentation will be streamed online and include a Q&A session. Spirit AeroSystems is a leading manufacturer of aerostructures for aircraft, serving both commercial and defense sectors with a strong global presence.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) has secured a contract with Boeing to supply engine pylons and nacelles for the B-52 Commercial Engine Replacement Program (CERP). This initiative aims to replace 608 engines in the U.S. Air Force's B-52H fleet and extend the aircraft's service life until at least 2050. Spirit, a leading supplier of engine pylons, will apply its extensive experience in producing engine structures to support the B-52, which first entered service in 1955.
Spirit AeroSystems commended congressional leaders for safeguarding nearly 31,000 aviation jobs through the Aviation Manufacturing Jobs Protection (AMJP) program, which allocated $673 million to 593 aviation supply chain businesses. This bipartisan initiative was essential for supporting the aviation industry after a 96% drop in global air travel due to COVID-19. The six-month program offers up to 50% compensation for eligible employees while ensuring wage guarantees and no reduction in hours.
Spirit AeroSystems applauds the U.S. Congress for supporting the Aviation Manufacturing Jobs Protection (AMJP) program, safeguarding nearly 31,000 aviation jobs through $673 million in funding for 593 supply chain businesses. This bipartisan effort led by key congressional leaders aims to bolster the industry post-COVID-19 downturn, where air travel dropped by 96%. CEO Tom Gentile credited the program with retaining skilled workers and reinforcing the nation's industrial base. The AMJP provides up to 50% compensation for eligible employees while ensuring wage guarantees and no reduction in hours.
Spirit AeroSystems announced its transition to 100% wind-generated electricity at its Kansas headquarters. This initiative promotes environmental responsibility and aims for a 30% reduction in greenhouse gas emissions by 2030. The Wichita facility, employing around 10,000 staff, will source its wind power from a local wind farm involving 62 turbines and increase its global renewable electricity percentage to 75%. The project supports operational efficiency and competitiveness, aligning with Spirit's sustainability goals, while also benefiting the local economy through job creation.
Spirit AeroSystems Holdings has appointed James R. Ray Jr. to its Board of Directors, effective February 14, 2022. Ray, who brings 25 years of senior executive experience in global manufacturing and business transformation, will also join the Compensation and Risk Committees. Previously, he held leadership roles at Stanley Black & Decker, TE Connectivity, Delphi, and General Motors. This addition aims to strengthen Spirit's strategic execution in Commercial, Defense & Space, and Aftermarket segments, especially as the company focuses on growth in these areas.
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