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Spirit AeroSystems Hldgs (NYSE:SPR) Stock, Option Chain

Spirit AeroSystems Hldgs

Spirit AeroSystems manufactures aerostructures, particularly fuselages, cockpits, wing sections, engine pylons, and nacelles for commercial and military aircraft. The company was spun out of Boeing in 2005, and the firm is the largest independent supplier of aerostructures for commercial aircraft. Boeing and Airbus are the firm's primary customers—Boeing represented roughly 60% and Airbus roughly 20% of revenue in recent years. The company is highly exposed to Boeing's beleaguered 737 program, which accounts for nearly half the company's revenue.

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Boeing&#39;s Q4 earnings miss, but analysts remain optimistic about a 2025 rebound with improved production and strong demand.

Boeing&#39;s Q4 Big Miss: Earnings Plunge, But Analysts See Potential For 2025 Rebound

UnitedCRJ700 Economy Plus--High Res

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The U.S. Justice Department&#39;s Antitrust Division and the Department of Transportation announced on Thursday they have opened a broad public inquiry into the state of competition in air travel on topics including previous airline mergers, aircraft manufacturing, airline ticket sales, pricing and rewards practices.

DOJ, DOT Open Inquiry Into Airline Competition Amid Rising Concerns

Delta Boeing 757

GCAD

Spirit AeroSystems has announced employee furloughs amid the ongoing Boeing strike, with a 21-day furlough for about 700 workers set to begin October 28, while also facing the possibility of layoffs if the strike continues beyond November.

Spirit AeroSystems Plans Employee Furloughs Amid Ongoing Boeing Strike, Faces Layoff Risk

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RBC Capital analyst Ken Herbert reiterates Spirit AeroSystems Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) with a Sector Perform and maintains $37.25 price target.

RBC Capital Reiterates Sector Perform on Spirit AeroSystems Hldgs, Maintains $37.25 Price Target

Guidance

Spirit AeroSystems Expects Future Free Cash Flow Usage For Q1, Q2 2025  To Be $650M - $700M

Spirit AeroSystems Expects Continued Operational Environment And Higher Delivery Rates To Drive Better Results In 2025

Revenue decreased from the fourth quarter of 2023, primarily due to the impacts from the Boeing Memorandum of Agreement (MOA) executed in October&nbsp;2023 recognized in the fourth quarter of 2023, including favorable pricing adjustments on the Boeing 787 program and the reversal of the potential claim related to the Boeing 737 vertical fin attach fittings issue, partially offset by higher Defense and Space revenues in the fourth quarter of 2024.&nbsp;
Overall deliveries increased during the fourth quarter of 2024 compared to the same period of 2023, including higher Boeing 737 deliveries.
Gross loss was recognized in the fourth quarter of 2024 compared to gross profit for the same period of 2023. The operating income recognized in the fourth quarter of 2023 included the favorable impact of the Boeing MOA executed in October&nbsp;2023 to the Boeing 787 program, including favorable change in estimates as well as a material right obligation liability reversal.

Spirit AeroSystems Says Merger With Boeing On Track To Close In Mid-2025

Spirit AeroSystems Q4 Preliminary Net Revenues $1.662B Vs $1.813B Last Year; Est $1.614B

Spirit Aero Has Increased Fuselage Production From A Rate Of 21 A Month To 31 A Month, According To A Source Familiar With The Matter; Spirit Aero Spokesperson Joe Buccino Said The Company "Remains Committed To Meeting Our Customer's Production Targets."

Boeing's Mounir Says Co. Minimizing Supplier Work Transfers To Improve Quality; Supply Chain Exec Says Work Transfers Among Suppliers Are Leading Cause Of Quality Defects; Exec Says Spirit AeroSystems Quality Has Significantly Improved, Has Substantial Inventory Of 737 Fuselages Ready To Ship To Boeing Plant

Spirit AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) today announced that, at the special meeting of its shareholders held earlier today, its shareholders voted to approve the proposed acquisition of Spirit AeroSystems by The Boeing Company. The transaction, <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4352793-1&amp;h=764042815&amp;u=https%3A%2F%2Fwww.spiritaero.com%2Fpages%2Frelease%2Fspirit-aerosystems-announces-acquisition-by-boeing-in-8.3-billion-transaction%2F&amp;a=announced+last+summer">announced last summer</a>, is expected to close in mid-2025, subject to closing conditions including the receipt of regulatory approvals.

Spirit AeroSystems Shareholders Approve Acquisition By Boeing; Expected To Close In Mid-2025

Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Wednesday</a>.
Yesterday, the company reported fourth-quarter earnings results, with an adjusted operating loss of $4.042 billion, compared to an adjusted <a target="_blank" href="https://www.benzinga.com//node/43266372" rel="noreferrer noopener">operating earnings of $90 million a year ago. </a>Adjusted loss per share grew to $5.90 from $0.47 in the same quarter of 2023, missing the consensus of a $2.44 loss.
Here are the key<a target="_blank" href="https://www.benzinga.com/quote/BA/analyst-ratings" rel="noreferrer noopener"> analysts take on the stock:</a>
<ul>
<li>Goldman Sachs analyst Noah Poponak reiterated the Buy rating on the stock, raising the price forecast to $213 from $200.</li>
<li>BofA Securities analyst Ronald J. Epstein reiterated the Neutral rating on the stock, raising the price forecast to $185 from $170.</li>
<li>RBC Capital Markets analyst Ken Herbert reiterated the Outperform rating on the stock with a price forecast of $200.</li>
</ul>
Goldman Sachs: Poponak notes that while defense results posed challenges this quarter and remain a medium-term risk, Boeing has the potential to reach industry-average margins over time.
Per Poponak, Boeing can outperform in 2025 as supply improvements continue, with strong demand remaining.
The analyst highlights Boeing&#8217;s potential to reach or exceed 38 737-MAX units per month by late 2025, thanks to progress with Spirit Aerosystems Holdings, Inc., suppliers catching up after labor negotiations, and an agreement with the FAA for rate increases.
The 787 program is also back on track at 5 units per month, with plans to increase to 7 per month, driven by improvements in the supply chain and component availability.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43311038/flex-beats-q3-earnings-on-strong-sales-margins-stock-gains" rel="noreferrer noopener">Flex Beats Q3 Earnings On Strong Sales, Margins; Stock Gains</a>
BofA Securities: Per Epstein, Boeing missed estimates due to the IAM work stoppage, defense charges, and workforce reduction costs. However, with 737 production increasing and deliveries rising, the company is showing early signs of recovery.
Based on improved market conditions, the analyst raises the price target to $185 from $170 but keeps EPS and free cash flow estimates unchanged.
Despite the positive outlook, the analyst maintains a Neutral rating, cautioning that the recovery in operations and engineering might take longer than expected.
RBC Capital Markets: Herbert highlights that CEO Kelly Ortberg has focused on improving defense results, and successful delivery in this area could boost Boeing.
The analyst notes risks in the expected production increases for the 737 and 787 programs.
However, a strong inventory liquidation in the first quarter of 2025 should provide a positive short-term sentiment.
Price Action: BA shares are trading lower by 2.69% to $173.00 at last check Wednesday.
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Image via Shutterstock.

Boeing's Q4 Big Miss: Earnings Plunge, But Analysts See Potential For 2025 Rebound

Spirit Aerosystems Says Under Base Plan, Sees Net Revenue Of $8.56B In 2025, $9.55B In 2026, $10.02B In 2027 & 2028

Spirit Faces Multiple Lawsuits Alleging Omission of Material Information in Merger Proxy; Actions Filed Across New York, Kansas, and Delaware Courts Seeking Injunctive Relief; Spirit Supplements Disclosures to Moot Claims, Denies Allegations

Today, Spirit&nbsp;AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) ("Spirit," "Spirit AeroSystems" or the "Company") announced the sale of Fiber Materials Inc ("FMI") business based in Biddeford, Maine, and Woonsocket, Rhode Island, to <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4337932-1&amp;h=16925668&amp;u=https%3A%2F%2Ftextechindustries.com%2Fpress-release%2F&amp;a=Tex+Tech+Industries%2C+Inc">Tex Tech Industries, Inc</a>. ("Tex-Tech") for $165 million in cash.

Asset Sales

Spirit Announces Sale Of Fiber MaterialsTo Tex Tech Industries For $165M In Cash

Spirit AeroSystems Enters Purchase Agreement To Sell Fiber Materials Business Based In Biddeford, Maine, And Woonsocket, Rhode Island, To Tex-Tech For $165M In Cash

European Aeronautic Defence And Space Unsponsored

EADSY

Airbus Close To Agreement As Early As Today With Spirit Aerosystems On Fresh Funding And Revised Payment Terms

Spirit Aerosystems Says Company, Boeing Entered Into An Advance Payments Agreement; Boeing To Pay Spirit Aerosystems Up To $350M; To Use Advances For Boeing Product Readiness

Reuters Reported Boeing Close To Funding Agreement To Help Supplier Spirit Aerosystems That Could Be Announced In Next Few Days; Spirit Weighing Sale Of Defense Composites Supplier FMI

The U.S. Justice Department's Antitrust Division and the Department of Transportation announced on Thursday they have opened a broad public inquiry into the state of competition in air travel on topics including previous airline mergers, aircraft manufacturing, airline ticket sales, <a href="https://www.benzinga.com/government/24/09/40745931/delta-southwest-and-other-airlines-in-hot-waters-with-us-transportation-department-for-unfair-reward">pricing and rewards practices</a>.
The Details: The agencies <a href="https://www.justice.gov/opa/pr/justice-department-and-department-transportation-launch-broad-public-inquiry-state">have issued</a> a Request for Information (RFI) and seek the public's input on anticompetitive conduct, consolidation and issues affecting the availability and affordability of air travel options.&nbsp;
"Competition in air travel is a vehicle for better quality, better fares and better choices for Americans," said Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division.
"With this inquiry, we hope to learn more from the businesses and travelers at the center of this essential industry. Their feedback will ensure the Justice Department can continue to build on its historic efforts to protect competition in air travel," Kanter added.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/10/41546663/fridays-top-5-trending-stocks-whats-the-scoop-on-tesla-sofi-joby">Friday&#8217;s Top 5 Trending Stocks: What&#8217;s The Scoop On Tesla, SoFi, Joby?</a>
The U.S. Travel Association reacted to the DOJ's public inquiry into competition in air travel, which it sees as politically motivated.&nbsp;
"Today's announcement by the Departments of Transportation and Justice that they will launch ‘broad inquiries' into airline business practices is another in a long line of disappointing political stunts," the U.S. Travel Association said <a href="https://www.ustravel.org/press/us-travel-reacts-doj-dot-inquiry-air-travel-competition">in a statement</a>.
DOJ Cracks Down: Under the Biden administration, the DOJ has cracked down on industry consolidation and mergers and successfully blocked <a href="https://www.benzinga.com/news/24/03/37455281/jetblue-spirit-airlines-shares-are-moving-monday-whats-going-on">the merger</a> of JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) and Spirit Airlines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NASDAQ">SAVE</a>) earlier this year.  
Spirit Airlines continues to face financial trouble and a potential bankruptcy after the deal with JetBlue fell through. Earlier this week, it was reported the<a href="https://www.benzinga.com/m-a/24/10/41496171/whats-going-on-with-spirit-airlines-stock-wednesday"> airline had resumed</a> preliminary merger discussions with Frontier Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>). The potential merger of the two airlines would likely coincide with Spirit's restructuring of its debt and other liabilities in bankruptcy and could be affected by actions resulting from the DOJ's latest inquiry. 
Last month, the DOT launched an inquiry into whether the loyalty programs of the four largest U.S. airlines have engaged in unfair, deceptive or noncompetitive practices. Transportation Secretary Pete Buttigieg sent a letter to American Airlines, Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), United Airlines and Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) requesting records and reports related to the airlines&#8217; loyalty programs, practices and policies.
Federal agencies did allow a merger between Hawaiian Holdings, Inc. and Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) <a href="https://www.benzinga.com/government/24/08/40455513/alaska-airlines-hawaiian-airlines-1-9b-merger-gets-doj-green-light-awaits-transportation-department">to be completed</a> in September. However, the DOT required the companies to agree to a set of consumer protections before giving the deal the green light. 
Why It Matters: Other companies in the airline industry may be affected by the joint inquiry announced Thursday, including planemaker Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and parts supplier Spirit Aerosystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>). Investors can monitor the effects on the industry through airline-focused ETFs, including the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and the iShares Trust iShares U.S. Transportation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IYT#BATS">IYT</a>). 
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Image: Courtesy of&nbsp;United Airlines Holdings, Inc.

<a href="https://www.cnbc.com/2024/10/24/spirit-aerosystems-weighs-more-furloughs-layoffs.html">https://www.cnbc.com/2024/10/24/spirit-aerosystems-weighs-more-furloughs-layoffs.html</a>
<ul>
<li>Spirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday.</li>
<li>More than 32,000 Boeing machinists walked off the job on Sept. 13 after turning down an earlier tentative agreement.</li>
<li>Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities.</li>
<li>Those furloughs could begin next week.</li>
</ul>
<a href="https://www.cnbc.com/quotes/SPR/">Spirit AeroSystems</a> is weighing furloughs or layoffs of hundreds more employees if the <a href="https://www.cnbc.com/quotes/BA/">Boeing</a> machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday.
Boeing's machinists, whose strike is about to enter its sixth week, <a href="https://www.cnbc.com/2024/10/24/boeing-machinists-new-labor-contract-strike.html">voted 64% against a newly proposed labor contract</a> on Wednesday, extending the work stoppage that has halted production of most of Boeing's aircraft, which is centered in the Seattle area.
&nbsp;
Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities. Those 21-day furloughs could begin next week.
Further reductions would be in addition to those furloughs, but no decision has been made, said Spirit spokesman Joe Buccino.
Spirit's consideration of additional furloughs demonstrates how the lengthy strike is weighing on an already-fragile aerospace supply chain. Boeing suppliers have largely hesitated to cut staff in part because they had spent years rebuilding their workforces in the wake of the Covid-19 pandemic. Airbus is also facing similar supply chain pressure.
More than 32,000 Boeing machinists in the Puget Sound area, Oregon and other locations <a href="https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html">walked off the job</a> on Sept. 13 after turning down an earlier tentative agreement.
Boeing is in the process of acquiring Spirit, a deal it expects to close next year. Spirit has been burning through cash and, on Wednesday, reported a third-quarter net loss of $477 million, more than double a year earlier.
Boeing's new CEO Kelly Ortberg has said <a href="https://www.cnbc.com/2024/10/24/boeing-machinists-new-labor-contract-strike.html">getting a deal with its Seattle-area machinists</a> and ending the strike is a top priority, and the workers' union has said it is eager to get back to the negotiating table.

Management

'Spirit AeroSystems Weighs Hundreds More Furloughs Or Layoffs If Boeing Strike Goes Beyond Nov. 25' - CNBC

Spirit AeroSystems Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) reported quarterly losses of $(3.03) per share which missed the analyst consensus estimate of $(0.37) by 718.92 percent. This is a 113.38 percent decrease over losses of $(1.42) per share from the same period last year. The company reported quarterly sales of $1.471 billion which missed the analyst consensus estimate of $1.697 billion by 13.30 percent. This is a 2.22 percent increase over sales of $1.439 billion the same period last year.

Earnings

Earnings Misses

Spirit AeroSystems Q3 2024 Adj. EPS $(3.03) Misses $(0.37) Estimate, Sales $1.471B Miss $1.697B Estimate

<a href="https://investors.boeing.com/investors/events-presentations/" title="https://investors.boeing.com/investors/events-presentations/">https://investors.boeing.com/investors/events-presentations/</a>

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