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Spirit Aero posts third-quarter revenue below estimates as Boeing strike weighs on results
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Spirit Aero posts third-quarter revenue below estimates as Boeing strike weighs on results
Oct 31, 2024 12:20 AM

Oct 23 (Reuters) - U.S. supplier Spirit AeroSystems ( SPR )

on Wednesday reported third-quarter revenue below

analysts' estimates and a loss of $4.07 per share, as a strike

by Boeing ( BA ) 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 ( SPR ) said it would

implement a 21-day furlough for 700 workers as an

over-a-month-long strike at U.S. planemaker Boeing ( BA ) 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 ( BA ) strike.

In July, Boeing ( BA ) agreed to repurchase Spirit AeroSystems ( SPR ) 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 ( BA ) by mid-2025.

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