NEW YORK - Spirit AeroSystems Holdings Inc (NYSE:SPR) reported second quarter results that missed analyst expectations, sending shares down 1.7% in premarket trading on Monday.
The aerospace supplier posted an adjusted loss of $2.73 per share for Q2, significantly wider than the $0.92 loss per share analysts were expecting. Revenue came in at $1.5 billion, below the consensus estimate of $1.57 billion.
Spirit's financial performance was negatively impacted by delivery delays as the company continues to optimize its product verification process with Boeing (NYSE:BA). The company delivered only 27 Boeing 737 fuselages in Q2, lower than anticipated.
"While we have made significant improvements in the quality of our product, our financial results were negatively impacted by delivery delays as we continue to optimize the product verification process," said CFO Irene Esteves.
Cash used in operations ballooned to $566 million in Q2, compared to $183 million in the same period last year. The company ended the quarter with $206 million in cash, down from $824 million at the end of 2023.
Spirit's backlog stood at approximately $48 billion at the end of Q2. The company did not provide financial guidance for the remainder of 2024 due to its pending merger agreement with Boeing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.