Investing.com -- Shares in Spirit AeroSystems (NYSE:SPR) fell around 1% in premarket trading Thursday after the aerostructure supplier reported a deeper-than-expected quarterly loss.
The company posted a Q3 loss of $3.03 per share, notably wider than the loss of $0.57 per share that analysts expected.
Its net loss for the quarter totaled $217 million, a significant increase from the $101 million loss recorded in the same period last year.
Revenue stood at $1.5 billion, below the consensus estimates of $1.68 billion.
Spirit confirmed that it had fully drawn down a $350 million bridge loan established when Boeing (NYSE:BA) agreed to acquire the supplier in June, aligning with previous reports.
The company noted that it had not yet received $425 million in cash advances from Boeing, which were expected under an agreement signed in April. As a result, Spirit ended the third quarter with $218 million in reserves after drawing the loan.
Spirit’s backlog reached $48 billion at the end of the third quarter, which includes work on commercial aircraft for Boeing and Airbus.
“We do not believe that investors had significant expectations for SPR, with limited visibility on the actual impact of the Boeing strike and slower aircraft deliveries,” RBC Capital Markets analysts said in a note after the report.
Prior to the print’s release, Spirit announced furloughs in response to the ongoing Boeing strike.
Around 700 employees working on the 767 and 777 programs were placed on a 21-day furlough. These furloughs were part of broader cost-cutting measures that included a hiring freeze, as well as restrictions on travel and overtime.