From Financial Modeling Prep: 2024-10-24 11:17:00

Spirit AeroSystems (NYSE:SPR) shares dropped over 1% today due to a larger-than-expected quarterly loss of $3.03 per share, surpassing analysts’ predictions of a $0.57 per share loss. The company reported a net loss of $217 million, up from $101 million last year, with revenue of $1.5 billion falling short of the $1.68 billion estimate.

Spirit AeroSystems fully drew down a $350 million bridge loan from Boeing, but has not received $425 million in cash advances as agreed in April. This has left the company with $218 million in reserves by the end of the third quarter.

Despite financial difficulties, Spirit’s backlog increased to $48 billion, fueled by ongoing commercial aircraft projects for Boeing and Airbus.



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