Takeaways from Kamala Harris’ CNN town hall
Platinum Equity's Ingram Micro to raise about $409 million in US IPO
Chinese self-driving startup WeRide files for $119 million U.S. IPO
Angelenos mourn Mexican-born pitcher Fernando Valenzuela, who starred for the Dodgers in the 1980s
North Carolina government calculates Hurricane Helene damages, needs at least $53B
World Bank, IDB grant Argentina $8.8 billion in financing for economic development
Ron Ely, TV’s ‘Tarzan’ in the 1960s, dies at 86
Disney World hikes prices for its annual passes by up to $100
(Reuters) -U.S. supplier Spirit AeroSystems on Wednesday reported third-quarter revenue below analysts' estimates and a loss of $4.07 per share, as a strike by Boeing factory workers weighed on its results.
The company said that it would not provide forecast for the current year. It posted third-quarter revenue of $1.47 billion, below analysts' estimates of $1.70 billion, according to data compiled by LSEG.
The company's backlog at the end of the third quarter stood at $48 billion, it said.
Earlier this month, Spirit AeroSystems said it would implement a 21-day furlough for 700 workers as an over-a-month-long strike at U.S. planemaker Boeing eats into the supplier's cash and inventory space.
Spirit said on Wednesday that the furloughs would take effect from Oct. 28 onwards and warned of possible layoffs and additional furloughs due to the financial pressures from the ongoing Boeing strike.
In July, Boeing agreed to repurchase Spirit AeroSystems for $4.7 billion in stock while Airbus moved to take on the supplier's loss-making Europe-focused activities. Spirit reiterated on Wednesday that it remained on track to close its acquisition by Boeing by mid-2025.
(Reporting by Kanjyik Ghosh; Editing by Alan Barona)
