Spirit AeroSystems' Stock Plummets After Q2 Results, Expects IAM Strike To Negatively Impact 2023 Performance
Portfolio Pulse from Akanksha Bakshi
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) reported Q2 FY23 revenue growth of 8% YoY to $1.36 billion, beating consensus estimates. However, the company's stock plummeted as Q2 adjusted EPS loss expanded to $(1.46) from $(1.21) a year ago, missing consensus estimates. The company also mentioned that the IAM strike will negatively impact its 2023 performance, reducing full-year 737 deliveries and impacting expected revenue, earnings, and cash flow.
August 04, 2023 | 11:35 am
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Spirit AeroSystems' Q2 results beat revenue estimates but missed on EPS. The company also warned of a negative impact on its 2023 performance due to the IAM strike.
The company's stock price is likely to be negatively impacted in the short term due to the expanded Q2 adjusted EPS loss and the expected negative impact of the IAM strike on the company's 2023 performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100