WICHITA, Kan., Nov. 18, 2024 /PRNewswire/ -- Today, Spirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") announces a purchase agreement to sell Fiber Materials, Inc ("FMI") business based in Biddeford, Maine, and Woonsocket, Rhode Island, to Tex-Tech Industries, Inc. ("Tex-Tech") for $165,000,000 in cash, subject to customary adjustment.  FMI is an industry leader in high-temperature materials and reinforced composites, with a focus on Carbon / Carbon and related composites. FMI's applications include thermal protection systems, re-ent

WICHITA, Kan., Nov. 12, 2024 /PRNewswire/ -- Spirit AeroSystems (NYSE:SPR) today announces a Second Amended and Restated Memorandum of Agreement with Airbus, in which Airbus has agreed to provide Spirit a non-interest-bearing line of credit in an amount of $107 million. Spirit will use the line of credit as advance payments in connection with production for various Airbus programmes and the continued delivery of certain products to Airbus by Spirit. Airbus has agreed to provide Spirit a non-interest-bearing line of credit in an amount of $107 million.Per the agreement, amounts

WICHITA, Kan., Nov. 12, 2024 /PRNewswire/ -- Spirit AeroSystems (NYSE:SPR) today announces an Advance Payments Agreement with Boeing, in which Boeing has committed to pay Spirit, as advance payments, up to a total of $350,000,000.00 to produce Boeing products at the rates required by Boeing. Boeing intends these payments to address Spirit's high levels of inventory and lower operational cash flows, decrease in expected deliveries to Boeing and higher factory costs to maintain rate readiness, and lingering effects brought on by the recent strike by Boeing employees. Per terms o

WICHITA, Kan., Oct. 23, 2024 /PRNewswire/ -- Third Quarter 2024 Revenues of $1.5 billionEPS of $(4.07); Adjusted EPS* of $(3.03)Cash used in operations of $276 million; Free cash flow* usage of $323 millionSpirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported third quarter 2024 financial results. "We remain on track to close the acquisition by Boeing in mid-2025, while also continuing to focus on safety, compliance and quality," said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems. "Our process improvem

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. If the strike continues beyond November, financial pressures will require the Company to implement layoffs and additional furloughs.CFO Irene Esteves shared the news with employees this morning.  Effective October 28, Spirit will implement a 21-day furlough for approximately 700 employees working on the 767 a

CHARLOTTE, N.C., Aug. 16, 2024 (GLOBE NEWSWIRE) -- Glatfelter Corporation (NYSE:GLT), and Berry Global Group, Inc. (NYSE:BERY) today announce additional director designees for the board of directors for the combined company. The new directors will be appointed and will begin serving as directors effective upon the closing of the proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films ("HHNF") business with Glatfelter. As previously disclosed, upon closing of the transaction, the combined company will be renamed Magnera Corporation ("Magnera"). The Magnera board of directors ("Magnera Board") will consist of nine directors, with five directors designated by Be

WICHITA, Kan., Aug. 5, 2024 /PRNewswire/ --   Second Quarter 2024 Revenues of $1.5 billionEPS of $(3.56); Adjusted EPS* of $(2.73)Cash used in operations of $566 million; Free cash flow* usage of $597 millionSpirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported second quarter 2024 financial results. "This has been a dynamic and eventful period for the company, and I want to extend my gratitude to each employee for their dedication and hard work," said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems. "Th

WICHITA, Kan., July 22, 2024 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will release its second quarter 2024 financial results after the close of the market on Monday, August 5, 2024, which will be published on the Company's website at http://investor.spiritaero.com/.  In light of the recent announcement of the merger agreement with The Boeing Company, Spirit has suspended quarterly earnings conference calls. About Spirit AeroSystems, Inc. Spirit AeroSystems is one of the world's largest manufacturers of aerostructures for commercial airplanes, defense platfo

Allegion plc (NYSE:ALLE), a leading global security products and solutions provider, has appointed Stacy Cozad as senior vice president, general counsel and corporate secretary, effective Aug. 5, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240701071652/en/Stacy Cozad (Photo: Business Wire) In this role, Cozad will have responsibility for Allegion's global legal affairs, trade compliance, enterprise risk management and corporate communications functions. She will succeed Jeff Braun, who has announced plans to retire on Dec. 31, 2024, and will serve as an advisor during the transition. Cozad has nearly 30 years of exper

Enters into Term Sheet for Airbus to Assume Ownership of Certain Airbus Program Assets WICHITA, Kan., July 1, 2024 /PRNewswire/ -- Spirit AeroSystems (NYSE:SPR) ("Spirit") today announced it has entered into a definitive merger agreement under which The Boeing Company (NYSE:BA) ("Boeing") will acquire Spirit for $37.25 per share in Boeing common stock (subject to the collar described below). At $37.25 per share, this represents an equity value of approximately $4.7 billion and an enterprise value of approximately $8.3 billion including Spirit's last reported net debt. The price of $37.25 per share represents a 30% premium to Spirit's closing stock price of $28.60 on February 29, 2024, the da

The Benchmark Company downgraded Spirit Aerosystems from Buy to Hold

TD Cowen upgraded Spirit Aerosystems from Market Perform to Outperform and set a new price target of $35.00 from $27.00 previously

Citigroup initiated coverage of Spirit Aerosystems with a rating of Buy and set a new price target of $39.00

KeyBanc Capital Markets initiated coverage of Spirit Aerosystems with a rating of Sector Weight

Morgan Stanley upgraded Spirit Aerosystems from Underweight to Equal-Weight and set a new price target of $35.00 from $22.00 previously

Stifel initiated coverage of Spirit Aerosystems with a rating of Hold and set a new price target of $28.00

Robert W. Baird upgraded Spirit Aerosystems from Neutral to Outperform and set a new price target of $36.00 from $30.00 previously

Wolfe Research upgraded Spirit Aerosystems from Peer Perform to Outperform and set a new price target of $34.00

Bernstein upgraded Spirit Aerosystems from Mkt Perform to Outperform and set a new price target of $29.00 from $25.00 previously

Deutsche Bank upgraded Spirit Aerosystems from Hold to Buy and set a new price target of $30.00 from $16.00 previously

WICHITA, Kan., Oct. 23, 2024 /PRNewswire/ -- Third Quarter 2024 Revenues of $1.5 billionEPS of $(4.07); Adjusted EPS* of $(3.03)Cash used in operations of $276 million; Free cash flow* usage of $323 millionSpirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported third quarter 2024 financial results. "We remain on track to close the acquisition by Boeing in mid-2025, while also continuing to focus on safety, compliance and quality," said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems. "Our process improvem

WICHITA, Kan., Aug. 5, 2024 /PRNewswire/ --   Second Quarter 2024 Revenues of $1.5 billionEPS of $(3.56); Adjusted EPS* of $(2.73)Cash used in operations of $566 million; Free cash flow* usage of $597 millionSpirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported second quarter 2024 financial results. "This has been a dynamic and eventful period for the company, and I want to extend my gratitude to each employee for their dedication and hard work," said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems. "Th

WICHITA, Kan., July 22, 2024 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will release its second quarter 2024 financial results after the close of the market on Monday, August 5, 2024, which will be published on the Company's website at http://investor.spiritaero.com/.  In light of the recent announcement of the merger agreement with The Boeing Company, Spirit has suspended quarterly earnings conference calls. About Spirit AeroSystems, Inc. Spirit AeroSystems is one of the world's largest manufacturers of aerostructures for commercial airplanes, defense platfo

WICHITA, Kan., April 26, 2024 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will release its first quarter 2024 financial results at 6:30 a.m. Central Daylight Time Tuesday, May 7, 2024. Spirit AeroSystems President and Chief Executive Officer Pat Shanahan will be joined by Spirit's Senior Vice President and Chief Financial Officer Mark Suchinski on a conference call presentation to securities analysts about first quarter 2024 results and company outlook at 10 a.m. Central Daylight Time. That presentation will be broadcast online. It will include charts and a qu

WICHITA, Kan., Feb. 6, 2024 /PRNewswire/ --  Fourth Quarter 2023 Revenues of $1.8 billionEPS of $0.52; Adjusted EPS* of $0.48Cash provided by operations of $113 million; Free cash flow* of $42 millionSpirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported fourth quarter and full-year 2023 financial results. Table 1.  Summary Financial Results (unaudited) 4th Quarter Twelve Months ($ in millions, except per share data) 2023 2022 Change 2023 2022 Change Revenues $1,813 $1,320 37 % $6,048 $5,030 20 % Operating Income (Loss) $198 ($1

WICHITA, Kan., Jan. 18, 2024 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will release its fourth quarter and full-year 2023 financial results at 6:30 a.m. Central Standard Time on Tuesday, Feb. 6, 2024. Spirit AeroSystems President and Chief Executive Officer Pat Shanahan will be joined by Spirit's Senior Vice President and Chief Financial Officer Mark Suchinski on a conference call presentation to securities analysts about fourth quarter and full-year 2023 results and company outlook at 10 a.m. Central Standard Time. That presentation will be broadcast online

Patrick M. Shanahan Appointed Interim President and Chief Executive Officer        Thomas C. Gentile III No Longer Serves as President, Chief Executive Officer and Director Company to Release Third Quarter Financial Results November 1, 2023 WICHITA, Kan., Oct. 2, 2023 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) (together with its subsidiary, Spirit AeroSystems, Inc., the "Company," "Spirit" or "Spirit AeroSystems") today announced that Patrick M. Shanahan, a member of the Company's Board of Directors (the "Board"), has been appointed interim President and Chief Executive Officer, effective immediately. Mr. Shanahan succeeds Thomas C. Gentile III as President and Chief Execu

WICHITA, Kan., Aug. 2, 2023 /PRNewswire/ -- Second Quarter 2023 Revenues of $1.4 billionEPS of $(1.96); Adjusted EPS* of $(1.46)Cash used in operations of $183 million; Free cash flow* usage of $211 millionCompleted rework related to the vertical fin attach fittings issue on available units in WichitaRatified new four-year contract with the International Association of Machinists and Aerospace Workers (IAM)Spirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit" or the "Company") reported second quarter 2023 financial results. Table 1.  Summary Financial Results (unaudited) 2nd

WICHITA, Kan., July 17, 2023 /PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will release its second quarter 2023 financial results at 6:30 a.m. Central Daylight Time on Wednesday, August 2, 2023. Spirit AeroSystems President and Chief Executive Officer Tom Gentile will be joined by Spirit's Senior Vice President and Chief Financial Officer Mark Suchinski on a conference call presentation to securities analysts about second quarter 2023 results and company outlook at 10 a.m. CDT on August 2, 2023. That presentation will be broadcast online. It will include charts

First Quarter 2023 Revenues of $1.4 billion EPS of $(2.68); Adjusted EPS* of $(1.69) Cash used in operations of $46 million; Free cash flow* usage of $69 million Spirit AeroSystems Holdings, Inc. (NYSE:SPR) ("Spirit" or the "Company") reported first quarter 2023 financial results. Table 1. Summary Financial Results (unaudited) 1st Quarter ($ in millions, except per share data) 2023 2022 Change   Revenues $1,431 $1,175 22% Operating Loss ($95) ($42) ** Operating Loss as a % of Revenues (6.6%) (3.6%) (300) BPS Net Loss ($281) ($53) ** Net Loss as a % of Revenues (19.6%) (4.5%) **