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Markets News

UPDATE 1-Spirit posts third straight quarterly loss as virus hits aero parts demand

(Adds details on results)

Nov 3 (Reuters) - Aero parts maker Spirit AeroSystems reported a loss for a third straight quarter on Tuesday as top customers Boeing Co and Airbus SE cut jet production.

The coronavirus-led lockdowns and restrictions on travel have forced many airlines to defer aircraft deliveries or cancel jet orders.

Long-haul jets, such as Boeing 787 Dreamliner and Airbus A350, that fly on international routes have been among the worst affected, pushing both the planemakers to announce output cuts last quarter.

Spirit’s total deliveries of shipsets, or complete sets of parts, sank 53% to 206 units in the third quarter ended Oct. 1. Total revenue slumped 58% to $806 million.

The company, which has pushed its target of becoming cash flow positive by another year to 2022, is cutting costs by reducing workforce, automating some production and consolidating its warehouse space.

It posted a loss of $156 million, or $1.50 per share, in the third quarter ended Oct. 1, compared with a profit of $131 million, or $1.26 per share, a year earlier. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva, Aditya Soni)

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