Spirit Aero slides 7% as losses widen, MAX delivery outlook disappoints (NYSE:SPR)

Boeing 737 MAX 8 aircraft are re-examined after the second crash in 5 months

News by Joe Raedle/Getty Images

Spirit AeroSystems (NYSE: SPR) closed -7.4% in trading on Wednesday after it reported a bigger-than-expected loss in the second quarter and warned that supply chain and workforce challenges are hurting its ability to scale production and return to profitability.

Operating loss for the second quarter increased to $104.7 million from $97.7 million in the year-ago quarter, due to higher estimate changes and losses related to Russia sanctions.

Second-quarter revenue increased 26% year over year to $1.3 billion, driven by higher production deliveries under the Boeing 737 program as well as higher aftermarket revenue, partially offset by lower production volume for the Boeing 787 became.

Total deliveries increased to 318 sets in the second quarter from 235 sets in the year-ago quarter, including Boeing 737 deliveries of 71 sets versus 35 sets last year.

Spirit Aero (SPR) CEO Tom Gentile said the company expects 737 MAX production to remain at 31 ship sets per month through the end of 2022, while it is on track to add 300 MAX aircraft this year Deliver to Boeing.

Spirit AeroSystems (SPR) stock price return is down 30% year-to-date and down 27% over the past year. Spirit Aero slides 7% as losses widen, MAX delivery outlook disappoints (NYSE:SPR)

Russell Falcon is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button