Spirit AeroSystems (NYSE: SPR) plunged Wednesday after its second-quarter earnings estimates missed analyst consensus expectations

The aerostructures manufacturer reported a loss per share of $1.46, $0.78 worse than the analyst estimate of a loss of $0.68 per share. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.31 billion.

Spirit's revenue rose 8% year-on-year, with the increase put down to higher production deliveries on the Boeing 737 and 787 programs and increased Defense and Space revenue.

SPR shares are down more than 23%, trading around the $23.60 per share mark, its lowest level since mid-May.

The company's overall deliveries increased to 342 shipsets during the second quarter of 2023 compared to 318 shipsets the previous year. The number includes Boeing 737 deliveries of 74 shipsets, up from 71 last year.

In addition, Spirit said its backlog at the end of the second quarter was approximately $40.5 billion, which includes work packages on all commercial platforms in the Airbus and Boeing backlog.

By Sam Boughedda