Why Spirit AeroSystems Stock Fell This Week
Spirit AeroSystems (NYSE: SPR) reported disappointing second-quarter results and provided little reason for investors to bet on a quick turnaround. The stock sold off accordingly, down about 30% as of Thursday afternoon, according to data provided by S&P Global Market Intelligence.
Spirit is a one-time wholly owned subsidiary of that remains an important supplier to both its former parent and commercial aerospace heavyweight Airbus, but investors to date have not enjoyed a windfall from the surge in demand for commercial aircraft.
Spirit lost $1.46 per share in the second quarter on revenue of $1.4 billion, a disappointment relative to the $0.86-per-share loss on $1.3 billion in sales expected by Wall Street. During the quarter the company endured a two-week strike at its Wichita, Kansas, facility, and the company has also been dealing with a vertical stabilizer issue on Boeing 737 jets.
Source Fool.com
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