Spirit AeroSystems (SPR) Misses Q2 EPS by 96c
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Spirit AeroSystems Reports Second Quarter 2020 Results
August 4, 2020 7:30 AM EDTWICHITA, Kan., Aug. 4, 2020 /PRNewswire/ --
Directed by Boeing to produce 72 737 shipsets in 2020, an 88% reduction from 606 delivered shipsets in 2019 Delivered 159 shipsets compared to 449 shipsets in Q2 2019 and 324 shipsets in Q1 2020 Recorded forward losses of $194 million, primarily on the 787 and A350 programs due to greater customer production rate reductions than previously assumed Implemented additional cost reduction actions to reduce cash burn; aggregate cost reduction actions taken this year expected to result in annualized $1 billion savings Furloughed production workers and managers supporting the 737 program in Wichita, Kansas and Oklahoma from June... More