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Fly News Breaks for March 2, 2020
Mar 2, 2020 | 09:43 EDT
SunTrust analyst Michael Ciarmoli lowered the firm's price target on Spirit AeroSystems (SPR) to $50 from $66 and keeps a Sell rating on the shares. The analyst cites the company's "mixed" Q4 results, with earnings below consensus, weak margins, and forward losses, even though the management expressed hope in ending the year with a positive cash run rate. Ciarmoli adds that while Spirit AeroSystems' long-term margins and cash conversion metrics remain intact, the near term will see a high degree of uncertainty related to the timing of Boeing's (BA) 737 MAX aircraft returning to service.
News For SPR;BA From the Last 2 Days
Jan 26, 2022 | 09:01 EDT
Check out this morning's top movers from around Wall Street, compiled by The Fly. HIGHER -JinkoSolar (JKS)... To see the rest of the story go to See Story Here
Jan 26, 2022 | 07:33 EST
Boeing is continuing to make progress on the global safe return to service of the 737 MAX. In December, the Civil Aviation Administration of China issued an airworthiness directive outlining changes required for Chinese airlines to prepare their fleets to resume service. Since the FAA's approval to return the 737 MAX to operations in November 2020, over 300,000 revenue flights have been completed, and the reliability of the 737 MAX fleet remains above 99 percent (as of January 24, 2022). The 737 program is currently producing at a rate of 26 per month and continues to progress towards a production rate of 31 per month in early 2022. The company is evaluating the timing of further rate increases. The company continues to perform rework on 787 airplanes in inventory and is engaged in detailed discussions with the FAA regarding required actions to resume deliveries. In the fourth quarter, the company determined that these activities will take longer than previously expected, resulting in further delays in customer delivery dates and associated customer considerations. Accordingly, Commercial Airplanes recorded a $3.5 billion pre-tax non-cash charge on the 787 program. The program is producing at a very low rate and will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company now anticipates 787 abnormal costs will increase to approximately $2 billion, with most being incurred by the end of 2023, including $285 million recorded in the quarter. Commercial Airplanes secured orders for 164 737 MAX and 24 freighter aircraft. Commercial Airplanes delivered 99 airplanes during the quarter and backlog included over 4,200 airplanes valued at $297 billion.
Jan 25, 2022 | 12:48 EST
Notable companies reporting before tomorrow's open, with earnings consensus, include Abbott (ABT), consensus $1.21... AT&T (T), consensus 76c... Boeing (BA), consensus (30c)... Anthem (ANTM), consensus $5.11... ADP (ADP), consensus $1.63... Progressive (PGR), consensus $1... General Dynamics (GD), consensus $3.37... Kimberly-Clark (KMB), consensus $1.25... Amphenol (APH), consensus 63c... Corning (GLW), consensus 52c.
Jan 24, 2022 | 06:27 EST
Wisk, an Advanced Air Mobility company and developer of the first all-electric, self-flying air taxi in the U.S., has secured $450M in funding from The Boeing Company, the company said in a statement. This investment will further advance the development of Wisk's 6th generation eVTOL aircraft, a first-ever candidate for certification of an autonomous, all-electric, passenger-carrying aircraft in the U.S. The funding will also support the company as it enters an intensive growth phase over the next year, its preparations for the launch of scale manufacturing, and the company's Go-to-Market efforts, it said. Gary Gysin, CEO of Wisk said: "Wisk is extremely well-positioned to deliver on our long-term strategy and commitment to safe, everyday flight for everyone. We are incredibly fortunate to have Boeing as not only an investor but a strategic partner, which provides us with access to a breadth of resources, industry-leading expertise, a global reach, extensive certification experience, and more. As we enter this next stage of our growth, this additional funding provides us with capital while allowing us to remain focused on our core business and our number one priority, safety." Reference Link