Why Spirit AeroSystems Stock Soared in December
Long-troubled Spirit AeroSystems (NYSE: SPR) ended the year on a high note, with word coming that its former parent, and most important customer, would be increasing production heading into 2024. Investors rallied into the shares as a result, sending Spirit stock up 15.6% in December, according to data provided by S&P Global Market Intelligence.
Spirit is a one-time subsidiary of that is responsible for the manufacture of airframes including the 737. The company fell on hard times during the pandemic, as airlines reduced new plane orders, and has since faced some internal manufacturing issues that were a drain on cash. But it got a big boost in October when Boeing agreed to a new deal to help Spirit smooth out production issues and bolster is balance sheet.
Boeing news is likely responsible for Spirit's continued push higher in December. Though the aerospace giant is not yet manufacturing planes at a level it anticipated prior to the pandemic, Boeing reportedly is planning to increase the number of 737 planes it manufactures each month as soon as the first quarter of 2024. More planes on the production line means more cash flow for Spirit.
Source Fool.com
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