Spirit AeroSystems Holdings Inc
NYSE:SPR

Watchlist Manager
Spirit AeroSystems Holdings Inc Logo
Spirit AeroSystems Holdings Inc
NYSE:SPR
Watchlist
Price: 39.5 USD 0.23% Market Closed
Market Cap: 4.6B USD

Spirit AeroSystems Holdings Inc
Investor Relations

Spirit AeroSystems Holdings Inc. weaves a compelling narrative within the aerospace sector, functioning as one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. Born out of Boeing's Wichita Division in 2005, Spirit AeroSystems charts an impressive journey of innovation and strategic prowess. The company sits at the heart of aviation engineering with expertise in developing and producing fuselages, propulsion systems, and wing structures. Its manufacturing prowess and cutting-edge technology have positioned it as a crucial cog in the supply chain for aerospace giants like Boeing and Airbus. Leveraging a robust and comprehensive engineering process, Spirit AeroSystems turns intricate design specifications into high-quality aircraft components, emphasizing cost-efficiency and meeting stringent industry standards.

In essence, Spirit AeroSystems' business operations cater to the specialized niche of producing core parts critical to aircraft assembly, allowing it to generate revenue by crafting essential pieces of aviation hardware. Their expansive footprint, with manufacturing and assembly facilities situated strategically around the globe, enhances their ability to serve customers with precision and scale. Additionally, the company extends its competencies into aftermarket services, providing maintenance and repair work that ensures sustained long-term relations with clients. This dual focus not only stabilizes revenue streams through product sales but also ensures additional value through services, effectively fortifying its position in the competitive aerospace market.

Show more
Loading
No Stocks Selected

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

Select Stock to Compare
Last Earnings Call
Fiscal Period
Q1 2024
Call Date
May 7, 2024
AI Summary
Q1 2024

Revenue Growth: Q1 revenue was $1.7 billion, up 19% year-over-year, driven by higher production on commercial programs and increased Defense & Space revenues.

Significant Losses: Reported a net loss per share of $5.31, primarily due to forward losses of $495 million, with most losses stemming from difficulties in reaching commercial agreements with Airbus on the A350 and A220 programs.

Cash Flow Pressure: Free cash flow usage was $444 million for the quarter, reflecting significant disruption to 737 production and delayed deliveries.

Boeing Partnership: Boeing advanced Spirit $425 million to help offset cash flow pressures from production changes, to be repaid in Q3 as production normalizes.

Production Rate Adjustments: 737 production rate is now at 31 aircraft per month and expected to remain at this level for the rest of the year; 787 deliveries anticipated to be about 25% below original plans for 2024.

Airbus Negotiations: Ongoing lack of agreement with Airbus has led to substantial booked losses and uncertainty regarding future pricing and performance obligations.

Quality & Inspection Overhaul: Major process changes in inspection and quality, including a new joint verification process with Boeing, have led to short-term disruption but early signs of improved quality.

Defense & Aftermarket Strength: Defense segment performed strongly with a 13% margin and solid execution; Aftermarket also grew slightly in revenue.

Key Financials
Revenue
$1.7 billion
EPS
-$5.31
Adjusted EPS
-$3.93
Free Cash Flow
-$444 million
Net Forward Losses
$495 million
Unfavorable Cumulative Catch-up Adjustments
$39 million
Defense & Space Revenue
$251 million
Defense & Space Operating Margin
13%
Aftermarket Revenue
$96 million
Cash Balance (end of quarter)
$352 million
Debt (end of quarter)
$4.1 billion
Earnings Call Recording
Other Earnings Calls

Management

Hon. Patrick M. Shanahan
President, CEO & Director
No Bio Available
Ms. Irene M. Esteves
Executive VP, CFO & Director
No Bio Available
Mr. William E. Brown
Senior Vice President of Quality
No Bio Available
Mr. Scott M. McLarty
Senior Vice President of Airbus & Business - Regional Jet Programs
No Bio Available
Mr. Damon Christopher Ward
VP, Controller & Principal Accounting Officer
No Bio Available
Dr. Sean Black
Senior VP of Engineering, R&T and CTO
No Bio Available
Mr. Justin Welner
Senior VP, Chief Administration & Compliance Officer
No Bio Available
Mr. Aaron Hunt
Director of Investor Relations, Senior Leader of Sales & Marketing
No Bio Available
Mr. Kailash Krishnaswamy
Senior VP & Chief Procurement Officer
No Bio Available
Mr. Terry J. George
SVP of Wichita & Tulsa Operations, Fabrications, Ops. Engineering, Tooling and Facilities
No Bio Available

Contacts

Address
KANSAS
Wichita
3801 S Oliver St
Contacts
+13165269000.0
www.spiritaero.com