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Spirit Aerosystems reports a fourth-quarter loss of $295.9 million – Wichita, Kansas

Wichita, Kansas 2021-02-23 11:55:39 –

Wichita, Kansas (AP) – Spirit AeroSystems Holdings reported a loss of $ 295.9 million in the fourth quarter after reporting profits for the year-ago quarter on Tuesday.

The Wichita-based company said it had a loss of $ 2.85 per share. The loss, adjusted for pre-tax costs and costs associated with mergers and acquisitions, was $ 1.31 per share.

The result did not meet Wall Street’s expectations. The average estimate of the seven analysts surveyed by Zacks Investment Research was a loss of 67 cents per share.

Aircraft parts makers made $ 876.6 million in revenue during this period, but there was no street forecast. The four analysts surveyed by Zacks expected $ 99.5 million.

Over the year, the company reported a loss of $ 870.3 million, or $ 8.38 per share, which turned into a loss during the period. Revenue was reported at $ 3.4 billion.

The company blamed the decline on losses Boeing 737 maximum production It stems from the rationale for the program and the impact of COVID-19. The company has also reduced its workforce by 8,000.

Spirit AeroSystems’ share has increased by just over 9% since the beginning of the year. Inventories have fallen 34% in the last 12 months.

Spirit Aerosystems reports a fourth-quarter loss of $295.9 million Source link Spirit Aerosystems reports a fourth-quarter loss of $295.9 million

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