Spirit AeroSystems (NYSE: SPR) reported Q1 EPS of ($0.79), $0.43 better than the analyst estimate of ($1.22). Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.04 billion.

First Quarter 2020 Results Driven by 737 MAX Production Suspension & COVID-19

• Delivered 324 shipsets compared to 453 shipsets in the first quarter of 2019
• Revenue of $1.1 billion
• Earnings per share (EPS) of $(1.57); Adjusted EPS* of $(0.79)
• Cash from operations of $(331) million; Free cash flow* of $(362) million

"The aerospace industry and Spirit are facing unprecedented disruption and uncertainty from the continued 737 MAX grounding and COVID-19 pandemic. We have taken appropriate steps to improve the safety of our team in our manufacturing facilities. We have also executed a number of cost reduction activities to align our cost structure to the lowered rates of production. In addition, we have taken several actions to preserve liquidity. Our recent bond offering provides additional liquidity to help Spirit manage through these challenging times," said Spirit AeroSystems President and Chief Executive Officer Tom Gentile.

2020 Outlook

Given the continued uncertainty surrounding the impacts of the Boeing 737 MAX grounding and COVID-19 pandemic, Spirit will not be providing guidance at this time.

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