Spirit Aero posts third-quarter revenue below estimates as Boeing strike weighs on results
2024.10.23 21:55
(Reuters) -U.S. supplier Spirit AeroSystems (NYSE:) on Wednesday reported third-quarter revenue below analysts’ estimates and a loss of $4.07 per share, as a strike by Boeing (NYSE:) factory workers weighed on its results.
The company said that it would not provide forecast for the current year. It posted third-quarter revenue of $1.47 billion, below analysts’ estimates of $1.70 billion, according to data compiled by LSEG.
The company’s backlog at the end of the third quarter stood at $48 billion, it said.
Earlier this month, Spirit AeroSystems said it would implement a 21-day furlough for 700 workers as an over-a-month-long strike at U.S. planemaker Boeing eats into the supplier’s cash and inventory space.
Spirit said on Wednesday that the furloughs would take effect from Oct. 28 onwards and warned of possible layoffs and additional furloughs due to the financial pressures from the ongoing Boeing strike.
In July, Boeing agreed to repurchase Spirit AeroSystems for $4.7 billion in stock while Airbus moved to take on the supplier’s loss-making Europe-focused activities. Spirit reiterated on Wednesday that it remained on track to close its acquisition by Boeing by mid-2025.
