Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Artwise Trading Limited - Spirit AeroSystems shares slump as the company seeks to raise cashSpirit AeroSystems (SPR) shares plunged more than 9% in early trade Wednesday after the Boeing supplier revealed intentions to raise money in the wake of manufacturing difficulties that caused aircraft deliveries to be delayed.
Spirit, a key manufacturer of massive aircraft structures such as wings and fuselages for Boeing and Airbus, was involved in defects that hampered Boeing deliveries, resulting in higher supply chain and labor costs and a net loss of $692 million for the first nine months of 2023. Spirit said last month that it had formed a deal with Boeing to boost its production system and shorten its supply chain. Nonetheless, Spirit reduced its projection for 737 narrowbody fuselage deliveries to Boeing to 345-360 units, down from 370-390 units. In an earnings call, Interim CEO Patrick Shanahan stated that achieving a comparable arrangement with other clients such as Airbus was of "utmost urgency." Spirit AeroSystems shares are down a fourth of their value this year, thanks to Wednesday's losses. You don't have to go it alone, no matter how much experience you have. Join us right now and let us show you the route to a brighter future. Please contact Artwise Trading Limited's representative today and learn more about this unique financial building experience - https://artwisetradingltd.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|