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Headline : Spirit AeroSystems CEO says well roll up our sleeves as company digs out of Boeing morass

Read more from the original article on here at qz.com.





Tags : #spirit #aerosystems #ceo #says #well #roll #up #sleeves #company #digs #out #boeing #morass


No. of Paragraph 10

The fuselage supplier behind the door plug blowout that plunged Boeing into months of chaos and slowdowns is, like Boeing, struggling to deal with the fallout from the incident.

Spirit AeroSystems announced earnings Tuesday, and they were grim. The company suffered a $528 million loss in its most recent quarter on $1.7 billion in revenue.

“Events in the first quarter of 2024 have resulted in significant reductions in projected revenue and cash flows this year,” the company said in a statement accompanying its earnings numbers. Ironically, the revenue number was 19% higher than it was the same time last year. Spirit shares were flat in Wednesday trading.

On the Spirit earnings call, CEO Patrick Shanahan (who was put in charge just a couple months before the January blowout) said that the firm was doing everything it could to get out from under Boeing’s mess, but that it would continue to be difficult for a little while. Like Boeing, it has been dealing with an influx of new scrutiny from the Federal Aviation Administration while it tries to improve quality control and safety processes.

Read more from the original article on here at qz.com.


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