Company Performance - Spirit Aerosystems reported a quarterly loss of $3.03 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.16, and compared to a loss of $1.42 per share a year ago, indicating a substantial decline in performance [1] - The company's revenues for the quarter ended September 2024 were $1.47 billion, missing the Zacks Consensus Estimate by 19.55%, and showing a slight increase from $1.44 billion in the same quarter last year [1] - Over the last four quarters, Spirit Aerosystems has consistently failed to meet consensus EPS estimates, with the latest earnings surprise being -1,793.75% [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.53 on revenues of $1.98 billion, while for the current fiscal year, the estimate is -$4.67 on revenues of $6.82 billion [4] - The estimate revisions trend for Spirit Aerosystems is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), suggesting expected underperformance in the near future [4] Industry Context - The Aerospace - Defense Equipment industry, to which Spirit Aerosystems belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a relatively strong position within the market [5] - Astronics Corporation, another company in the same industry, is expected to report quarterly earnings of $0.18 per share, reflecting a year-over-year change of +200%, with revenues anticipated to be $200.59 million, up 23.1% from the previous year [5]

Financial Performance - Third quarter 2024 revenues were $1.5 billion, with an operating loss and EPS of $(4.07), compared to $(1.94) in the same period of 2023[1][7] - Net revenues for Q3 2024 were $1,471 million, a 2% increase from $1,439 million in Q3 2023, and a 10% increase year-to-date from $4,235 million to $4,665 million[21] - Operating loss for Q3 2024 was $350 million, representing 23.8% of revenues, compared to an operating loss of $134 million (9.3% of revenues) in Q3 2023[21] - Net loss for Q3 2024 was $477 million, or 32.4% of revenues, compared to a net loss of $204 million (14.2% of revenues) in Q3 2023[21] - Adjusted loss per share for Q3 2024 was $3.03, up from $1.42 in Q3 2023, reflecting a significant increase in losses[21] - For the nine months ended September 26, 2024, the net loss was $1,508.3 million, compared to a net loss of $691.6 million for the same period in 2023, representing an increase in loss of approximately 117.5%[30] - Adjusted diluted loss per share for the nine months ended September 26, 2024, was ($9.69), compared to ($4.59) for the same period in 2023, indicating a deterioration in performance[34] Cash Flow and Liquidity - Free cash flow usage in Q3 2024 was $323 million, a reduction from the previous quarter, with cash used in operations amounting to $276 million[1][2] - Cash used in operations for Q3 2024 was $276 million, a significant increase of 85% compared to $47 million in Q3 2023[23] - Net cash used in operating activities for the nine months ended September 26, 2024, was ($1,257.5) million, compared to ($339.5) million for the same period in 2023, showing a substantial increase in cash usage[30] - Cash and cash equivalents decreased to $217.6 million as of September 26, 2024, down from $823.5 million at the end of the previous year[29] - Cash, cash equivalents, and restricted cash at the end of the period was $246.8 million, down from $396.5 million at the end of the same period in 2023, indicating a decrease of approximately 37.7%[30] - Proceeds from the issuance of debt for the nine months ended September 26, 2024, were $359.2 million, a significant increase from $12.7 million in the same period in 2023[30] Operational Highlights - The company’s backlog at the end of Q3 2024 was approximately $48 billion, including work packages on all commercial platforms in the Airbus and Boeing backlog[5] - Total shipset deliveries for Q3 2024 were 332, unchanged from Q3 2023, with Boeing deliveries at 88 and Airbus deliveries at 178[25] - The Defense & Space segment revenue increased in Q3 2024, driven by higher activity on the Sikorsky CH-53K program[13] - The Commercial segment experienced a slight revenue increase, offset by lower production volume on the Boeing 737 program[12] - The Defense & Space segment reported revenues of $231.3 million in Q3 2024, a 12.4% increase from $205.7 million in Q3 2023[24] Debt and Liabilities - Total debt as of September 26, 2024, was $4,403 million, up from $4,084 million at the end of 2023[23] - Total current liabilities rose significantly to $3,432.3 million as of September 26, 2024, from $2,198.3 million at the end of December 31, 2023, marking an increase of 56.2%[29] - Long-term debt decreased slightly to $3,976.4 million as of September 26, 2024, compared to $4,018.7 million at the end of December 31, 2023[29] Strategic Initiatives - Management is implementing plans to improve liquidity, including potential additional customer advances and incremental debt financing[10] - The company announced a 21-day furlough for approximately 700 employees due to the ongoing Boeing IAM strike, which began on September 13, 2024[3] - The company is facing risks related to the proposed acquisition of Spirit by Boeing, including regulatory approvals and potential termination fees[19] - Future projections remain uncertain, with the company disclaiming any obligation to update forward-looking statements[20] - The acquisition by Boeing is expected to close in mid-2025, pending regulatory approvals and other conditions[11] Inventory and Expenses - Inventory increased to $2,020.7 million as of September 26, 2024, compared to $1,767.3 million at the end of December 31, 2023, indicating a rise of 14.3%[29] - Total operating costs and expenses increased to $1,820.7 million for the three months ended September 26, 2024, from $1,572.6 million in the same period last year, reflecting a rise of 15.7%[27] - The company reported a significant increase in research and development expenses, totaling $10.4 million for the three months ended September 26, 2024, compared to $10.1 million in the same period last year[27] - Employee stock compensation expense increased to $30.8 million for the nine months ended September 26, 2024, compared to $29.3 million for the same period in 2023[30] Forward-Looking Statements - The company reported a forward loss provision of $524.9 million for the nine months ended September 26, 2024, compared to a gain of ($50.7) million in the same period in 2023, indicating a shift in financial outlook[30] - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the earnings call[27]

Core Viewpoint - Spirit AeroSystems reported a challenging third quarter in 2024, with significant operating losses and cash flow usage, while preparing for its acquisition by Boeing expected in mid-2025 [1][6]. Financial Performance - Revenues for Q3 2024 were $1.5 billion, a 2% increase from Q3 2023 [3][11]. - The operating loss for Q3 2024 was $350 million, compared to a loss of $134 million in Q3 2023 [4][11]. - Net loss for Q3 2024 was $477 million, or $(4.07) per share, compared to a net loss of $204 million, or $(1.94) per share in Q3 2023 [4][11][17]. - Adjusted EPS for Q3 2024 was $(3.03), compared to $(1.42) in Q3 2023 [4][11]. Cash Flow and Liquidity - Cash used in operations was $276 million in Q3 2024, up from $111 million in Q3 2023 [5][11]. - Free cash flow usage was $323 million in Q3 2024, compared to $136 million in Q3 2023 [5][11]. - The company had a cash balance of $218 million at the end of Q3 2024, down from $824 million at the end of Q3 2023 [5][14]. Operational Challenges - The ongoing Boeing IAM strike has led to employee furloughs and cost-saving measures, including a hiring freeze and travel restrictions [2][11]. - A 21-day furlough for approximately 700 employees will begin on October 28, 2024, affecting the 767 and 777 programs [2][11]. Segment Performance - Commercial segment revenue increased slightly due to higher production across most programs, despite lower production on the Boeing 737 program [7][11]. - Defense & Space segment revenue increased, driven by higher activity on the Sikorsky CH-53K program [8][11]. - Aftermarket segment revenue saw a slight increase due to higher spare part sales, but operating margin decreased due to sales mix [9][11]. Backlog and Future Outlook - The backlog at the end of Q3 2024 was approximately $48 billion, including work packages on all commercial platforms in the Airbus and Boeing backlog [3][11]. - The company is focused on improving liquidity and operational efficiency in light of the upcoming merger with Boeing [5][6].

WICHITA, Kan., Oct. 18, 2024 /PRNewswire/ -- Spirit AeroSystems (NYSE: SPR) today announces employee furloughs in response to the ongoing strike by Boeing employees represented by the International Association of Machinists and Aerospace Workers that began on September 13. CFO Irene Esteves shared the news with employees this morning. If the strike continues beyond November, financial pressures will require the Company to implement layoffs and additional furloughs. Post this Effective October 28, Spirit wil ...

Core Insights - Spero Therapeutics presented data on SPR719, demonstrating its low propensity for resistance development in Nontuberculous Mycobacterium Pulmonary Disease (NTM-PD) Mycobacterium avium complex (MAC) strains when used alone or in combination with standard care agents [1][4][5] Group 1: SPR719 and Its Mechanism - SPR720 is an oral prodrug that converts to SPR719, which targets the ATPase site of DNA gyrase B in mycobacteria, offering a distinct mechanism compared to existing antibiotics for NTM-PD [2] - The study showed that SPR719 had a high potency with minimum inhibitory concentration (MIC) values of 2 µg/mL for both macrolide susceptible and resistant strains [5] Group 2: Study Findings - The in vitro study indicated that SPR719 suppressed the emergence of resistance against MAC isolates, with mutation frequencies approximately three orders of magnitude lower than standard care comparators [5] - No resistant colonies were found when SPR719 was combined with clarithromycin or ethambutol, indicating no antagonism and supporting its potential for prolonged combination regimens in NTM-PD treatment [5] Group 3: NTM-PD Overview - NTM-PD is caused by bacteria found in soil, dust, and water, with the Mycobacterium avium complex being the most common pathogen [6] - The incidence of NTM pulmonary disease is increasing globally, with approximately 130,000 patients affected in the U.S. and Europe, growing at a rate of 8% annually [6]

CAMBRIDGE, Mass., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company, focused on identifying and developing novel treatments for rare diseases and multi-drug resistant (MDR) bacterial infections, today announced the publication of data from its Phase 1 clinical trial, which assessed the intrapulmonary pharmacokinetics (PK) of SPR719. The full manuscript, titled "Intrapulmonary pharmacokinetics of SPR719 following oral administrat ...

It has been about a month since the last earnings report for Spirit Aerosystems (SPR) . Shares have lost about 0.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Spirit Aerosystems due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Spirit AeroSystems Q2 Loss Wid ...

NEW YORK, Sept. 01, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating the merger between Spirit Aerosystems Holdings, Inc. ("Spirit") (NYSE: SPR) and The Boeing Company ("Boeing") (NYSE: BA). Investors who purchased Spirit and continue to hold to the present are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/SPR. Investigation Details The investigation concerns whether Spirit's board of direc ...

Spirit AeroSystems Holdings, Inc. (SPR) reported a second-quarter 2024 adjusted loss of $2.73 per share, which came in much wider than the Zacks Consensus Estimate of a loss of 98 cents per share. The loss also widened from the year-ago quarter's reported loss of $1.46 per share. Barring one-time adjustments, Spirit AeroSystems recorded a GAAP loss of $3.56 per share compared with a loss of $1.96 in the prior-year period. The year-over-year deterioration in the bottom line can be attributed to a higher oper ...

Exhibit 99.1 NEWS RELEASE P.O.Box 780008 MC K12-14 / Wichita, Kansas 67278-0008 / www.spiritaero.com Spirit AeroSystems Holdings, Inc. 3801 S. Oliver Wichita, KS 67210 www.spiritaero.com Spirit AeroSystems Reports Second Quarter 2024 Results Second Quarter 2024 • Revenues of $1.5 billion • EPS of $(3.56); Adjusted EPS* of $(2.73) • Cash used in operations of $566 million; Free cash flow* usage of $597 million Wichita, Kan., August 5, 2024 - Spirit AeroSystems Holdings, Inc. (NYSE: SPR) ("Spirit," "Spirit Ae ...