Spirit Aerosys Stock Price, News & Analysis

Spirit AeroSystems and Astraius Ltd. have announced a collaboration to enhance satellite launch capabilities from Prestwick Spaceport in Scotland. The partnership aims to accelerate the development of key systems for Astraius's horizontal launch platform, utilizing C-17 aircraft for efficient satellite deployment. With the UK government prioritizing orbital launches to capture a portion of the projected £490 billion global space economy by 2030, the collaboration is positioned to leverage the growing demand for satellite launches. Officials have noted the potential for job growth and investment in the space sector, highlighting Scotland's ambition to become Europe's leading space nation by 2030.

Spirit AeroSystems has signed a significant agreement with GMR Aero Technic to become the authorized repair center in India for Boeing and other aircraft. This partnership aims to enhance MRO (Maintenance, Repair, Overhaul) services, particularly for 737 MAX aircraft. GMR Aero Technic, located at Rajiv Gandhi International Airport, will initially provide repair services for nacelles, radomes, and flight control surfaces. This collaboration is part of Spirit's broader strategy to expand its aftermarket services, which saw revenues increase from $186 million in 2019 to $311 million in 2022.

Spirit AeroSystems Holdings will be represented by Senior VP and CFO Mark Suchinski at the Barclays Industrial Select Conference on February 23, 2023, at 10:20 a.m. (ET). A webcast of the presentation will be available on their investor relations page. Attendees should ensure their devices are set up for the event in advance. An audio replay will be accessible for 180 days post-presentation. Spirit AeroSystems is a leading manufacturer of aerostructures for aircraft, with a global presence including locations in the U.S., U.K., France, Malaysia, and Morocco.

Spirit AeroSystems (NYSE: SPR) reported Q4 2022 revenue of $1.3 billion, a 23% increase YoY, primarily from Boeing 737 deliveries. Full-year revenue rose 27% to $5.0 billion. However, the company posted a net loss of $(243 million in Q4 and $(546 million) for 2022. Operating losses expanded to $(139 million) in Q4 but improved to $(281 million) for the full year. Free cash flow usage was $66 million in Q4, totaling $516 million for 2022. The backlog stood at approximately $37 billion at year-end, with plans to deliver 420 shipsets in 2023. The fiscal year faced challenges due to supply chain issues and increased production costs.

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) will announce its fourth quarter and full-year 2022 financial results on February 7, 2023, at 6:30 a.m. CST. CEO Tom Gentile and CFO Mark Suchinski will present the results during a conference call at 10 a.m. CST. This session will be available as a live online broadcast, featuring charts and a Q&A segment. Interested individuals should access the audio stream and presentation on the company’s investor website. Spirit AeroSystems is a leading manufacturer of aerostructures, producing components for commercial and military aircraft, with operations spanning across multiple countries.

Spirit AeroSystems Holdings has appointed Mark Miklos as Senior Vice President of its Defense & Space division, effective April 1, 2023. He will take over from Duane Hawkins, who is retiring after joining the company in 2013. Miklos, who joined Spirit in 2020 through the acquisition of Fiber Materials, Inc., brings over 25 years of experience in advanced materials. He will report directly to Tom Gentile, President & CEO. Miklos's role will focus on expanding Spirit's Defense & Space portfolio, which is pivotal for the company's growth strategy.

Spirit AeroSystems Holdings, Inc. has closed a private offering of $900 million in 9.375% Senior Secured First Lien Notes due 2029 through its subsidiary, Spirit AeroSystems, Inc. Concurrently, Spirit amended its $594 million senior secured term loan, refinancing existing loans maturing in January 2025. The proceeds will be used to fund a tender offer for 5.500% Senior Secured Notes due 2025, redeem outstanding 3.950% Senior Notes due 2023, and cover related expenses. The Notes are secured by various assets of Spirit and its subsidiaries.

Spirit AeroSystems announced the early tender results of its offer to purchase all of its 5.500% Senior Secured First Lien Notes due 2025. As of November 21, 2022, valid tenders were accepted for $478,591,000 out of $500,000,000 outstanding. Holders of accepted notes will receive a total consideration of $1,000 per $1,000 principal, including a $30 early tender premium. The early settlement date is set for November 23, 2022, contingent on the satisfaction of conditions outlined in the Offer to Purchase. The Tender Offer expires on December 6, 2022.