Spirit AeroSystems (SPR) plunges on Q2 earnings miss
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Spirit AeroSystems plunges 27% after bleak cash-flow outlook shocks investors
August 2, 2023 7:40 AM EDTBy Valerie Insinna and Abhijith Ganapavaram
(Reuters) -Shares of Spirit AeroSystems plummeted 27% on Wednesday after the aerospace manufacturer disclosed $105 million in losses on Boeing and Airbus aircraft production and forecast a bleak cash flow picture for the rest of the year.
The outlook stunned analysts, who grilled executives about how the company planned to arrest its soaring cash burn rate. Spirit warned that growing labor costs, continued supply chain disruptions, and its rising debt burden were adding to financial difficulties as it struggles to meet the glut of orders from aircraft giants Boeing and Airbus.
... MoreSpirit AeroSystems (SPR) Misses Q2 EPS by 78c
August 2, 2023 7:31 AM EDTSpirit AeroSystems (NYSE: SPR) reported Q2 EPS of ($1.46), $0.78 worse than the analyst estimate of ($0.68). Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.31 billion.
For earnings history and earnings-related data on Spirit AeroSystems (SPR) click here.
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