Spirit AeroSystems Shares Fall After Deeper-Than-Expected Q3 Loss

Spirit AeroSystems (NYSE:SPR) saw its shares fall more than 1% intra-day today after reporting a much wider-than-anticipated quarterly loss. The aerostructure supplier posted a third-quarter loss of $3.03 per share, far exceeding analysts' expectations of a $0.57 per share loss.

The company reported a net loss of $217 million for the quarter, a steep increase compared to the $101 million loss recorded in the same period last year. Revenue also missed forecasts, coming in at $1.5 billion, below the consensus estimate of $1.68 billion.

Spirit AeroSystems confirmed it had fully drawn down a $350 million bridge loan that was arranged when Boeing agreed to acquire the company in June. However, Spirit has yet to receive $425 million in cash advances from Boeing as expected under an agreement made in April, leaving the company with $218 million in reserves at the end of the third quarter.

Despite the financial challenges, Spirit’s backlog grew to $48 billion, driven by ongoing work on commercial aircraft for both Boeing and Airbus.