Spirit AeroSystems Stock Slides As Q3 Results Miss Estimates

Spirit AeroSystems Holdings, Inc. SPR reported third-quarter operating revenue growth of 22% year-over-year to $980 million, missing the consensus of $1.02 billion.
Sales by segments: Fuselage Systems $481.2 million (+14.3% Y/Y), Propulsion Systems $247.8 million (+45.1% Y/Y), Wing Systems $243 million (+44.4% Y/Y).
The revenue increase reflects higher production deliveries on the Boeing Co BA 737 and increased revenue from the recently acquired A220 wing and Bombardier Inc BDRAF programs.
Spirit AeroSystems delivered 250 shipsets versus 206 last year.
Adjusted loss per share was $(1.13), versus $(1.34) in 3Q20, missing consensus of $(0.77).
The operating loss narrowed to $(156.6) million from $(176.9) million a year ago.
The company's backlog at the end of the quarter was ~$33 billion.
Spirit AeroSystems generated cash from operating activities year-to-date of $13.3 million versus $612.8 million used a year ago. Free cash flow was $(77) million.
Beginning with the 2021 fiscal year-end, Spirit will report results in the Commercial, Defense & Space, and Aftermarket segments.
The company's cash guidance is unchanged for full-year 2021.
Price Action: SPR shares are trading lower by 5.13% at $40.28 during the premarket session on Wednesday.

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