Welcome to our dedicated page for Spirit Aerosys news (Ticker: SPR), a resource for investors and traders seeking the latest updates and insights on Spirit Aerosys stock.
Spirit AeroSystems (NYSE: SPR) serves as a critical partner in global aerospace manufacturing, specializing in advanced aerostructures for commercial and defense markets. This dedicated news hub provides investors and industry professionals with verified updates, earnings reports, and strategic announcements directly from the company and trusted sources.
Access timely information on fuselage production milestones, wing system innovations, and defense contract developments. Our curated collection includes press releases covering supply chain initiatives, facility expansions, and technological advancements in composite manufacturing. Monitor updates about SPR's partnerships with leading aircraft manufacturers and its role in next-generation aviation programs.
Key content categories include quarterly financial results, production rate changes, leadership updates, and regulatory filings. Bookmark this page for consolidated access to operational updates from SPR's global facilities in Wichita, Prestwick, and Malaysia, along with analysis of market trends impacting aerospace suppliers.
For stakeholders tracking aviation manufacturing dynamics, this resource eliminates the need to scour multiple platforms. Check back regularly for unfiltered access to SPR's official communications and related industry context.
Spirit AeroSystems (NYSE: SPR) has secured a second amended agreement with Airbus, featuring a $107 million non-interest-bearing line of credit. The funds will be used as advance payments for Airbus programme production and product delivery. The credit line's repayment obligations will either be assumed by Airbus or its affiliates upon closing of transactions outlined in their June 30, 2024 term sheet, or be repaid by April 1, 2026.
Spirit AeroSystems (NYSE: SPR) has secured an advance payments agreement with Boeing worth up to $350 million to support production of Boeing products. The agreement aims to address Spirit's challenges including high inventory levels, lower operational cash flows, decreased Boeing deliveries, higher factory costs, and impacts from a recent Boeing employee strike. The advance payment will be repaid in four equal installments of 25% each, scheduled for April 30, June 30, September 30, and December 31, 2026.
Spirit AeroSystems (NYSE: SPR) reported third quarter 2024 financial results with revenues of $1.5 billion and EPS of $(4.07). The company experienced cash usage of $276 million in operations and free cash flow usage of $323 million. The quarter was impacted by higher unfavorable changes in estimates, including net forward losses of $217 million, primarily from Boeing 787 and Airbus A220 programs. The company announced furloughs for approximately 700 employees due to the ongoing Boeing IAM strike. Spirit's backlog stands at $48 billion, while the pending Boeing acquisition is expected to close in mid-2025.
Spirit AeroSystems (NYSE: SPR) has announced employee furloughs in response to the ongoing Boeing strike that began on September 13. Effective October 28, the company will implement a 21-day furlough for approximately 700 employees working on the 767 and 777 programs. This decision comes due to storage capacity for these units.
Additional cost-saving measures include a hiring freeze, travel restrictions, and overtime limitations. If the strike continues beyond November, Spirit may need to implement layoffs and additional furloughs due to financial pressures. CEO Pat Shanahan emphasized the difficulty of this decision and the company's commitment to supporting affected employees and their families.
Despite these challenges, Spirit AeroSystems remains committed to maintaining high quality and safety standards, and meeting its obligations to customers, regulators, and the aerospace industry.
Spirit AeroSystems (NYSE: SPR), a global leader in aerostructures manufacturing, is set to launch its official podcast, 'The Shop Floor,' on August 27th. The podcast will be available on major platforms including Spotify, Apple Podcasts, Stitcher, Google Podcasts, and YouTube. Hosted by Spirit spokesperson Joe Buccino, the podcast aims to highlight the company's workforce of over 20,000 employees across the United States and overseas.
'The Shop Floor' will delve into Spirit's history, critical commercial and defense programs, and the birth of aviation in Wichita, Kansas - the company's headquarters and considered the aviation capital of the U.S. The podcast offers a unique perspective by giving voice to Spirit's workforce and showcasing individual stories from the shop floor.
Spirit AeroSystems (NYSE: SPR) reported Q2 2024 results with revenues of $1.5 billion and an EPS of $(3.56). The company faced challenges, including delivery delays due to ongoing product verification process optimization with Boeing. Key highlights:
- Delivered 27 Boeing 737 fuselages, lower than anticipated
- Cash used in operations: $566 million
- Free cash flow usage: $597 million
- Backlog: approximately $48 billion
- Recognized $214 million in net forward losses
- Entered merger agreement with Boeing, expected to close mid-2025
- Borrowed $200 million under a bridge term loan facility
The company's financial outlook was withdrawn due to the pending merger with Boeing.
Spirit AeroSystems Holdings, Inc. [NYSE: SPR] has announced the release date for its second quarter 2024 financial results. The company will publish the results on its investor relations website after the market closes on Monday, August 5, 2024. Notably, Spirit has suspended its quarterly earnings conference calls following the recent announcement of a merger agreement with The Boeing Company. This decision marks a significant change in the company's investor communication practices and could potentially impact how shareholders and analysts receive and interpret financial information.
Allegion (NYSE: ALLE), a global leader in security products, has announced the appointment of Stacy Cozad as Senior Vice President, General Counsel, and Corporate Secretary, effective August 5, 2024. Cozad succeeds Jeff Braun, who will retire on December 31, 2024. With nearly 30 years of experience, Cozad brings expertise in law, compliance, corporate communications, and cybersecurity. Previously, she served as EVP, General Counsel, and Corporate Secretary at Ingevity , managing $2 billion in 2023 revenue. John H. Stone, Allegion's CEO, highlighted Cozad's strategic problem-solving skills and dedication to core values, welcoming her to the executive leadership team to drive the company's growth and innovation.
Spirit AeroSystems announced its acquisition by Boeing for $37.25 per share, equating to an equity value of approximately $4.7 billion and an enterprise value of $8.3 billion, including net debt.
Boeing [NYSE: BA] announced a definitive agreement to acquire Spirit AeroSystems [NYSE: SPR] in an all-stock transaction valued at $4.7 billion, with a total transaction value of $8.3 billion, including Spirit's net debt. Spirit shareholders will receive Boeing shares based on an exchange ratio related to Boeing's share price. This acquisition aims to enhance Boeing's commercial production, safety, and quality management systems, ensuring continuity for key U.S. defense programs and providing long-term value to stakeholders. The deal also involves the sale of certain Spirit operations to Airbus and is expected to close by mid-2025, subject to regulatory approvals and other conditions.