Edition:
India

Spirit Aerosystems Reports Q2 Adjusted Loss Per Share Of $2.28


Tuesday, 4 Aug 2020 

Aug 4 (Reuters) - Spirit AeroSystems Holdings Inc ::SPIRIT AEROSYSTEMS REPORTS SECOND QUARTER 2020 RESULTS.Q2 ADJUSTED LOSS PER SHARE $2.28 EXCLUDING ITEMS.Q2 LOSS PER SHARE $2.46.Q2 EARNINGS PER SHARE ESTIMATE $-1.33 -- REFINITIV IBES DATA.Q2 REVENUE $644.6 MILLION.Q2 REVENUE ESTIMATE $863.2 MILLION -- REFINITIV IBES DATA.SPIRIT AEROSYSTEMS - DECIDED TO CONTINUE 20 PERCENT EXECUTIVE PAY REDUCTION AND FOUR-DAY WORK WEEK FOR SALARIED WORKFORCE THROUGH REMAINDER OF YEAR.AGGREGATE COST REDUCTION ACTIONS TAKEN THIS YEAR EXPECTED TO RESULT IN ANNUALIZED $1 BILLION SAVINGS.ANNOUNCED CLOSURE OF FACILITY IN SAN ANTONIO, TEXAS; CONTINUING TO EVALUATE ADDITIONAL FACILITY CLOSURES.AMENDED CREDIT AGREEMENT TO PROVIDE COVENANT RELIEF THROUGH 2022.CONTINUING TO EVALUATE ADDITIONAL FACILITY CLOSURES.RECORDED FORWARD LOSSES OF $194 MILLION, PRIMARILY ON 787 AND A350 PROGRAMS IN QUARTER.BACKLOG AT END OF Q2 OF 2020 WAS APPROXIMATELY $41 BILLION.DIRECTED BY BOEING TO PRODUCE 72 737 SHIPSETS IN 2020, AN 88% REDUCTION FROM 606 DELIVERED SHIPSETS IN 2019.IN QUARTER DELIVERED 159 SHIPSETS COMPARED TO 449 SHIPSETS IN Q2 2019 AND 324 SHIPSETS IN Q1 2020.PRODUCTION LEVELS IN QUARTER FELL 65% FROM LAST YEAR AND 51% FROM Q1.CURRENTLY EVALUATING POTENTIAL IMPACTS TO BOEING 787 AND AIRBUS A350 PROGRAMS.CURRENT PROJECTIONS DEMONSTRATE THAT WE WILL MAINTAIN SUFFICIENT LIQUIDITY FOR OPERATIONS OVER NEXT 12 MONTHS.EXPECTS TO INCUR INCREMENTAL FORWARD LOSSES IN Q3 OF 2020 OF ABOUT $25 TO $35 MILLION ON BOEING 787 PROGRAM.