Spirit AeroSystems posts quarterly loss on fewer aircraft part shipments

Spirit AeroSystems posts quarterly loss on fewer aircraft part shipments

Spirit AeroSystems Holdings Inc reported a quarterly loss on Tuesday, hurt by fewer aircraft part shipments to top customers Boeing Co and Airbus SE following a slump in demand for air travel due to the COVID-19 pandemic.
Source: www.reuters.com

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(Reuters) - Spirit AeroSystems Holdings Inc reported a quarterly loss on Tuesday, hurt by fewer aircraft part shipments to top customers Boeing Co and Airbus SE following a slump in demand for air travel due to the COVID-19 pandemic.

Spirit stands to benefit from the recovery of Boeing’s 737 MAX jet, which was ungrounded by the U.S. Federal Aviation Administration in November after a 20-month ban. The MAX accounted for about 50% of Spirit’s sales in 2019.

Analysts expect a material improvement in air travel in 2021 with narrowbody aircraft deliveries poised to ramp up, providing a boost for the company.

Spirit’s total deliveries of shipsets, or complete sets of parts, fell 48.9% to 231 units in the fourth quarter. Total revenue decreased 55.3% to $876.6 million.

The company posted a loss of $295.9 million, or $2.85 per share, in the fourth quarter ended Dec. 31, compared with a profit of $67.7 million, or 65 cents per share, a year earlier.

On an adjusted basis, the company lost $1.31 per share.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta

 

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