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Spirit posts second straight quarterly loss as virus hits aero parts demand

Spirit posts second straight quarterly loss as virus hits aero parts demand

FILE PHOTO: The headquarters of Spirit AeroSystems Holdings Inc, is seen in Wichita, Kansas, U.S. December 17, 2019. REUTERS/Nick Oxford

REUTERS: Airplane parts maker Spirit AeroSystems Holdings Inc reported a loss for the second straight quarter on Tuesday, as its main customers Boeing Co and Airbus SE further cut production due to the COVID-19 pandemic.

Spirit, among the air industry's biggest parts suppliers, posted a net loss of about US$256 million, or US$2.46 per share, in the second quarter ended July 2, compared with a profit of US$168 million, or US$1.61 per share, a year earlier.

Revenue plunged 68per cent to US$644.6 million.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli)

Source: Reuters

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