Spirit Aerosys Stock Price, News & Analysis

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.

Spirit AeroSystems [NYSE: SPR] announced leadership changes effective August 1, 2020. Senior Vice Presidents John Pilla and Vic McMullen will retire but transition to special advisor roles. New appointments include Sam Marnick as Executive Vice President and Chief Operating Officer and Kevin Matthies as Senior Vice President, Quality and Engineering. These changes aim to improve operational efficiency and focus on growth in key markets amid challenges in the commercial aviation sector, according to CEO Tom Gentile.

Aerion has expanded its agreement with Spirit AeroSystems [NYSE: SPR] to enhance the development of the AS2 supersonic business jet. Spirit will now produce the forward fuselage and has committed additional investment and engineering resources to the project. The AS2 is designed to be powered by 100% synthetic fuel, prioritizing environmental responsibility. Expected to begin production in 2023, the AS2 will be assembled at Aerion's new headquarters in Melbourne, Florida, which features a clean energy-powered facility.

Spirit AeroSystems (NYSE:SPR) declared a quarterly cash dividend of $0.01 per share on its outstanding common stock. The dividend will be payable on October 5, 2020, to stockholders of record as of the close of business on September 14, 2020. This decision reflects the company's commitment to returning value to its shareholders while maintaining financial stability amid ongoing market conditions.

Spirit AeroSystems will release its second quarter 2020 financial results on August 4, 2020, at 6:30 a.m. Central Time. Following the earnings release, a conference call with CEO Tom Gentile and CFO Mark Suchinski will discuss the results and company outlook at 10 a.m. Central Time. The presentation will include charts and a Q&A session. Investors can access the live audio stream and slides online at investor.spiritaero.com. Spirit AeroSystems focuses on aerostructures for commercial and defense sectors.