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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.
Sierra Space and Spirit AeroSystems announced a strategic partnership to enhance the production of Shooting Star cargo modules under the Dream Chaser franchise. This collaboration aims to broaden access to the commercial space economy by lowering costs and accelerating market entry. Spirit AeroSystems will provide industrial manufacturing expertise, supporting NASA resupply missions for the International Space Station under the CRS-2 contract. Sierra Space previously secured $1.4 billion in Series A funding to advance its space transportation systems.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) CEO Tom Gentile will present at the UBS Global Industrials and Transportation Conference on June 8, 2022, at 1:00 p.m. (ET). The event will be webcast live and accessible via their investor relations website. An audio replay will be available for a year post-event. Spirit AeroSystems is a leading manufacturer of aerostructures for commercial and defense aircraft, with operations in multiple countries, including the U.S., U.K., France, Malaysia, and Morocco.
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Spirit AeroSystems Holdings reported a 30% increase in revenue for Q1 2022, totaling $1.2 billion, compared to $901 million in Q1 2021. The operating loss decreased to $42 million, reflecting a 66% improvement year-over-year. Loss per share improved significantly to $(0.51) from $(1.65). Free cash flow usage rose to $298 million. Spirit's backlog stood at approximately $36 billion. Despite challenges from the pandemic and geopolitical tensions, production rates, especially on the Boeing 737 program, have increased.
Spirit AeroSystems Holdings declared a regular quarterly $0.01 per share cash dividend on its common stock. The dividend, payable on July 7, 2022, is for stockholders of record as of the close of business on June 16, 2022. This announcement reflects the company's ongoing commitment to returning value to its shareholders amidst its operations in aerostructures for commercial and military platforms.
Spirit AeroSystems has officially entered a partnership with Guangzhou Aircraft Maintenance Engineering Company (GAMECO) to establish an Authorized Repair Center in Mainland China. This collaboration aims to provide local air carriers with reduced freight costs and less aircraft downtime. Initial services focus on the repair of Boeing 757 and A330 inlet cowlings, with plans for future expansions. Spirit's Aftermarket business has seen growth from $186 million in 2019 to $239.9 million in 2021, aiming for $500 million by 2025.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) is set to release its first quarter 2022 financial results on May 4, 2022, at 6:30 a.m. Central Time. A conference call for securities analysts will follow at 10 a.m. Central Time, featuring insights from President and CEO Tom Gentile, CFO Mark Suchinski, and COO Sam Marnick. The presentation will be streamed online and include a Q&A session. Spirit AeroSystems is a leading manufacturer of aerostructures for aircraft, serving both commercial and defense sectors with a strong global presence.
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) has secured a contract with Boeing to supply engine pylons and nacelles for the B-52 Commercial Engine Replacement Program (CERP). This initiative aims to replace 608 engines in the U.S. Air Force's B-52H fleet and extend the aircraft's service life until at least 2050. Spirit, a leading supplier of engine pylons, will apply its extensive experience in producing engine structures to support the B-52, which first entered service in 1955.
Spirit AeroSystems commended congressional leaders for safeguarding nearly 31,000 aviation jobs through the Aviation Manufacturing Jobs Protection (AMJP) program, which allocated $673 million to 593 aviation supply chain businesses. This bipartisan initiative was essential for supporting the aviation industry after a 96% drop in global air travel due to COVID-19. The six-month program offers up to 50% compensation for eligible employees while ensuring wage guarantees and no reduction in hours.
Spirit AeroSystems applauds the U.S. Congress for supporting the Aviation Manufacturing Jobs Protection (AMJP) program, safeguarding nearly 31,000 aviation jobs through $673 million in funding for 593 supply chain businesses. This bipartisan effort led by key congressional leaders aims to bolster the industry post-COVID-19 downturn, where air travel dropped by 96%. CEO Tom Gentile credited the program with retaining skilled workers and reinforcing the nation's industrial base. The AMJP provides up to 50% compensation for eligible employees while ensuring wage guarantees and no reduction in hours.