Spirit Aerosys Stock Price, News & Analysis

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The company's financial outlook was withdrawn due to the pending merger with Boeing.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.

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%.