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 Holdings, Inc. became a completed acquisition story after Boeing acquired the aerostructures manufacturer. Spirit historically made fuselages, integrated wings and wing components, pylons, and nacelles for commercial airplanes, defense platforms, and business and regional jets, using aluminum and advanced composite manufacturing.
Recurring SPR news has centered on the Boeing transaction, the alignment of commercial and aftermarket operations, the establishment of Spirit Defense for defense and space program support, operating and financial results, material agreements, and governance updates such as board composition.
Spirit AeroSystems reported a 30% increase in third quarter 2022 revenue to $1.3 billion, driven mainly by higher Boeing 737 deliveries. However, the company faced a net loss of $128 million and an EPS of $(1.22). Operating income improved to $4.5 million from a loss of $156.6 million year-over-year. Cash used in operations was $36 million, a significant drop from $211 million in the same period last year. Spirit is implementing a cost optimization program to enhance profitability and expects a favorable cash impact of up to $150 million in 2023 from pension terminations.
Spirit AeroSystems, Inc. (NYSE: SPR) has signed a Memorandum of Understanding (MOU) with Joramco at MRO Europe in London. This partnership aims to enhance services for composite and metallic aerostructures in the Middle East. Both companies will collaborate to develop new repair processes, leveraging Joramco's extensive experience and certifications from regulatory bodies like the FAA and EASA. Spirit's Aftermarket business has shown growth, with revenues increasing from $186 million in 2019 to $239.9 million in 2021, following important acquisitions in Belfast and Casablanca.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) will announce its third quarter 2022 financial results on November 3, 2022, at 6:30 a.m. Central Time. Following this, a conference call featuring President and CEO Tom Gentile and CFO Mark Suchinski will occur at 10 a.m. Central Time, discussing the results and company outlook. The presentation will be accessible online, including charts and a Q&A session. Spirit AeroSystems specializes in manufacturing aerostructures for various aircraft and has facilities across the U.S., U.K., France, Malaysia, and Morocco.
Spirit AeroSystems, Inc. (NYSE: SPR) announced a Memorandum of Understanding with Malaysia Airlines Berhad to develop maintenance, repair, and overhaul (MRO) services for the 737 Next Generation Aircraft. The partnership aims to establish repair services for nacelle and flight control surfaces, targeting completion before the end of 2022. Spirit's Aftermarket business has shown growth, with revenues increasing from $186 million in 2019 to $239.9 million in 2021. The company aims to further grow this business to $500 million by 2025.
Spirit AeroSystems (NYSE: SPR) announced the launch of Spirit Evergreen Aftermarket Solutions (SEAS), a joint venture with Evergreen Aviation Technologies Corp. (EGAT), set to begin operations on October 3 in Taiwan. This venture aims to enhance Spirit's maintenance, repair, and overhaul (MRO) services and cater to burgeoning fleet demands in the Asia-Pacific region. The venture follows a partnership initiated in April 2021 and aims to significantly grow Spirit's aftermarket revenue, targeting $500 million by 2025, up from $239.9 million in 2021.
Spirit AeroSystems Holdings (NYSE: SPR) has secured a contract from Boeing to supply 34 horizontal stabilizer kits for the U.S. Air Force's KC-135R Stratotankers, aimed at extending their operational life until at least 2040. The production will take place at Spirit's Tulsa, Oklahoma facility. This initiative aligns with Spirit's strategy to diversify its business, targeting a 40% revenue share from Defense and Space sectors. Additionally, Spirit is involved in the B-52 Commercial Engine Replacement Program, which is set to replace 608 engines by 2050.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) CFO Mark Suchinski will present at the Morgan Stanley 10th Annual Laguna Conference on September 14, 2022, at 1:30 p.m. ET. The presentation will be accessible via webcast, and an audio replay will be available for 180 days post-event. Spirit AeroSystems is a leading manufacturer of aerostructures for various aircraft types, with operations in the U.S., U.K., France, Malaysia, and Morocco. For more information, visit their website or check their Twitter handle.
Spirit AeroSystems Holdings reported a 26% increase in revenue for the second quarter of 2022, reaching $1.3 billion, driven by higher deliveries on the Boeing 737 program. However, the company faced significant operating losses of $105 million and net losses amounting to $122 million, although these were less than previous year's losses. The adjusted EPS was $(1.21). Cash used in operations surged to $62 million, reflecting higher working capital demands. Spirit's backlog remained robust at approximately $34 billion.
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) declared a quarterly cash dividend of $0.01 per share on its outstanding common stock. The dividend will be payable on October 3, 2022, to stockholders of record as of the close of business on September 12, 2022. This announcement reflects the company's intention to reward its shareholders while maintaining its position as a leading manufacturer of aerostructures for the aerospace industry. Spirit continues to leverage its extensive manufacturing expertise across international facilities.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) will release its second quarter 2022 financial results on August 3, 2022, at 6:30 a.m. Central Time. CEO Tom Gentile and CFO Mark Suchinski will discuss these results during a conference call at 10 a.m. Central Time that will be streamed online. The call will include a Q&A session and slides. Spirit AeroSystems is a leading manufacturer of aerostructures for aircraft, with operations globally, providing components for commercial and defense sectors.