Spirit Aerosystems beats by $0.83, beats on revs; not providing guidance until there is further clarity on the timing of Boeing (BA) 737 MAX production rate increases
- Reports Q4 (Dec) earnings of $0.48 per share, excluding non-recurring items, $0.83 better than the FactSet Consensus of ($0.35); revenues rose 37.3% year/year to $1.81 bln vs the $1.74 bln FactSet Consensus.
- As a result of the favorable pricing adjustments to the Boeing (BA) 787 program resulting from the Boeing MOA executed in October 2023, Spirit recorded forward loss reversals of $205.6 million and material right obligation liability reversal of $155.0 million related to the Boeing 787 program during the fourth quarter of 2023.
- Spirit will not be providing guidance at this time until there is further clarity on the timing of 737 MAX production rate increases from our customer in relation to FAA approval and ongoing price negotiations with Airbus (EADSY).