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Spirit AeroSystems Holdings (NYSE:SPR) on Monday mentioned its quarterly loss deepened with a decline in shipments of 737 fuselage shipments to Boeing (BA) and better prices with its Airbus (OTCPK:EADSF) (OTCPK:EADSY) A220 program.
Spirit’s internet loss greater than doubled to $415 million within the second quarter from $206 million a yr earlier.
The corporate blamed delays in deliveries for Boeing’s (BA) 737 Max, whose manufacturing was capped by regulators after a near-catastrophe in January.
Spirit (SPR) shipped 27 fuselages, the primary our bodies of a airplane, for the 737 within the quarter by way of June 27, in contrast with 74 a yr earlier.
As for the Airbus A220 program, Spirit (SPR) misplaced cash as prices escalated. It recorded $25 million of ahead losses on this system, bringing the full to $214 million within the interval.
Spirit burned $597 million in money in the course of the quarter, and final month borrowed $200 million in bridge time period mortgage facility.
Adjusted loss per share was $2.73, wider than expectations of a lack of $0.86. Quarterly income of $1.49 billion missed analysts’ estimate of $1.56 billion.
