Spirit AeroSystems 1Q Loss Widens as Ripples from Boeing Scrutiny Continue

By Denny Jacob

Spirit AeroSystems Holdings posted a wider-than-expected loss in its latest quarter as ripple effects stemming from scrutiny of Boeing since an earlier accident involving a 737 MAX jet flown by Alaska Airlines continue to play out.

The fuselage supplier widened its loss to $616.6 million, or $5.31 a share, for the first quarter ended March 28, from $281.3 million, or $2.68 a share, a year earlier. Adjusted losses were $3.93 a share. Analysts polled by FactSet expected an adjusted loss of 59 cents a share.

Revenue rose 19% to $1.70 billion from $1.43 billion. Analysts polled by FactSet expected $1.62 billion.

Spirit said the bump in revenue was primarily due to higher production activities on commercial programs and higher defense and space revenues.

Spirit said it won't provide 2024 guidance until there is further clarity on the acquisition discussions with Boeing, 737 MAX delivery and production timing, as well as ongoing commercial negotiations with Airbus.

The Wichita, Kan.-based company said its current Boeing 737 production rate is about 31 aircraft per month, which it anticipates remaining at through the end of this year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 07, 2024 08:16 ET (12:16 GMT)

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