WICHITA, Kan. (KSNW) – Spirit AeroSystems on Wednesday reported a loss of $281.2 million in its first quarter of 2023.
The Wichita-based company said it had a loss of $2.68 per share. Losses, adjusted for pretax expenses and non-recurring costs, came to $1.69 per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 31 cents per share.
The aircraft parts maker posted revenue of $1.43 billion in the period, which also fell short of Wall Street forecasts. Four analysts surveyed by Zacks expected $1.48 billion.
Last month, Spirit notified Boeing of a quality issue impacting certain models of the 737 fuselages built in Wichita.
Boeing said the in-service fleet can continue operating safely. But it said the issue will probably affect “a significant number of undelivered 737 MAX airplanes, both in production and in storage.”
Spirit hopes to complete the repair work on available units in Wichita by the end of July.
The company makes approximately 70% of the 737 for Boeing, including fuselage, pylon, wing leading edges, thrust reverser, and engine nacelle.
The Associated Press contributed to this article