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

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

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.

The headquarters of Spirit AeroSystems Holdings Inc, is seen in Wichita
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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