Spirit AeroSystems took $104.7 million in reach forward losses on Boeing and Airbus programs during its second quarter and will deliver a lower number of 737 fuselages in 2023 due to a roughly two-week work stoppage at a key production site, the company said on Wednesday.
programs during its second quarter and will deliver a lower number of 737 fuselages in 2023 due to a roughly two-week work stoppage at a key production site, the company said on Wednesday.
The new labor agreement will add $80 million to annual costs, Spirit said. In the second quarter, the company absorbed $28.3 million in costs related to the new labor deal as well as $7.3 million in strike disruption charges. The company also reported $21.6 million in unfavorable catch up adjustments related to the 737, reflecting higher labor and supply chain costs.
"While these numbers from Spirit are pretty grim reading, we suspect that investors had been braced for something in this ball park," said Vertical Research Partners analyst Rob Stallard.
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