Why Spirit AeroSystems Shares Are Flying Higher Today
Portfolio Pulse from Akanksha Bakshi
Spirit AeroSystems reported Q3 FY23 revenue growth of 13% YoY to $1.44 billion, missing consensus of $1.462 billion. The increase is due to higher production deliveries on most Commercial programs and higher Defense and Space and Aftermarket revenue. Q3 Adjusted EPS loss expanded to $(1.42) from $(0.15) a year ago, beating the consensus loss of $(1.54). The company recently appointed Pat Shanahan as interim President and CEO. Spirit AeroSystems sees cash used in operations of $(150) million-$(200) million, and free cash flow to be a usage of $(275) million-$(325) million. SPR shares are trading higher by 6.17% at $24.00.
November 01, 2023 | 4:15 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Spirit AeroSystems has executed a memorandum of agreement with Boeing, which is expected to reverse liabilities on the 787 program of ~$350 to $370 million in 4Q23.
The memorandum of agreement between Spirit AeroSystems and Boeing is expected to reverse liabilities on the 787 program, which could potentially improve Spirit AeroSystems' financial position and have a positive impact on Boeing as well.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Spirit AeroSystems reported a 13% YoY revenue growth for Q3 FY23, but missed consensus. The company's shares are trading higher by 6.17%.
Despite missing the consensus on revenue, Spirit AeroSystems' shares are trading higher. This could be due to the company beating the consensus on the adjusted EPS loss, and the appointment of a new interim CEO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100