Intrinsic value of Spirit AeroSystems Holdings Cl A - SPR

Previous Close

$83.27

  Intrinsic Value

$60.96

stock screener

  Rating & Target

sell

-27%

Previous close

$83.27

 
Intrinsic value

$60.96

 
Up/down potential

-27%

 
Rating

sell

We calculate the intrinsic value of SPR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,123
  7,286
  7,474
  7,684
  7,917
  8,173
  8,451
  8,752
  9,077
  9,425
  9,798
  10,195
  10,619
  11,069
  11,546
  12,052
  12,588
  13,154
  13,753
  14,385
  15,051
  15,755
  16,496
  17,277
  18,099
  18,965
  19,877
  20,836
  21,845
  22,906
Variable operating expenses, $m
  6,361
  6,507
  6,674
  6,862
  7,070
  7,298
  7,547
  7,816
  8,106
  8,417
  8,749
  9,104
  9,483
  9,884
  10,311
  10,763
  11,241
  11,747
  12,281
  12,845
  13,441
  14,069
  14,731
  15,428
  16,163
  16,936
  17,750
  18,606
  19,507
  20,455
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,361
  6,507
  6,674
  6,862
  7,070
  7,298
  7,547
  7,816
  8,106
  8,417
  8,749
  9,104
  9,483
  9,884
  10,311
  10,763
  11,241
  11,747
  12,281
  12,845
  13,441
  14,069
  14,731
  15,428
  16,163
  16,936
  17,750
  18,606
  19,507
  20,455
Operating income, $m
  762
  780
  800
  822
  847
  874
  904
  936
  971
  1,008
  1,048
  1,091
  1,136
  1,184
  1,235
  1,290
  1,347
  1,408
  1,472
  1,539
  1,610
  1,686
  1,765
  1,849
  1,937
  2,029
  2,127
  2,229
  2,337
  2,451
EBITDA, $m
  980
  1,002
  1,028
  1,057
  1,089
  1,124
  1,162
  1,204
  1,248
  1,296
  1,347
  1,402
  1,460
  1,522
  1,588
  1,657
  1,731
  1,809
  1,891
  1,978
  2,070
  2,167
  2,269
  2,376
  2,489
  2,608
  2,733
  2,865
  3,004
  3,150
Interest expense (income), $m
  45
  62
  66
  70
  75
  81
  87
  94
  101
  109
  118
  128
  137
  148
  159
  172
  184
  198
  212
  227
  243
  260
  278
  297
  317
  338
  360
  383
  408
  433
  460
Earnings before tax, $m
  700
  714
  729
  747
  766
  787
  810
  835
  862
  890
  921
  953
  988
  1,025
  1,064
  1,105
  1,149
  1,195
  1,244
  1,296
  1,350
  1,407
  1,468
  1,532
  1,599
  1,669
  1,744
  1,822
  1,904
  1,991
Tax expense, $m
  189
  193
  197
  202
  207
  213
  219
  225
  233
  240
  249
  257
  267
  277
  287
  298
  310
  323
  336
  350
  365
  380
  396
  414
  432
  451
  471
  492
  514
  537
Net income, $m
  511
  521
  533
  545
  559
  575
  592
  610
  629
  650
  672
  696
  721
  748
  777
  807
  839
  873
  908
  946
  986
  1,027
  1,072
  1,118
  1,167
  1,219
  1,273
  1,330
  1,390
  1,453

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,372
  5,495
  5,636
  5,795
  5,971
  6,163
  6,373
  6,600
  6,845
  7,108
  7,389
  7,689
  8,008
  8,347
  8,708
  9,089
  9,493
  9,920
  10,372
  10,848
  11,351
  11,881
  12,440
  13,029
  13,649
  14,302
  14,990
  15,713
  16,474
  17,275
Adjusted assets (=assets-cash), $m
  5,372
  5,495
  5,636
  5,795
  5,971
  6,163
  6,373
  6,600
  6,845
  7,108
  7,389
  7,689
  8,008
  8,347
  8,708
  9,089
  9,493
  9,920
  10,372
  10,848
  11,351
  11,881
  12,440
  13,029
  13,649
  14,302
  14,990
  15,713
  16,474
  17,275
Revenue / Adjusted assets
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
  1.326
Average production assets, $m
  2,087
  2,135
  2,190
  2,251
  2,320
  2,395
  2,476
  2,564
  2,659
  2,762
  2,871
  2,987
  3,111
  3,243
  3,383
  3,531
  3,688
  3,854
  4,030
  4,215
  4,410
  4,616
  4,833
  5,062
  5,303
  5,557
  5,824
  6,105
  6,401
  6,712
Working capital, $m
  648
  663
  680
  699
  720
  744
  769
  796
  826
  858
  892
  928
  966
  1,007
  1,051
  1,097
  1,145
  1,197
  1,251
  1,309
  1,370
  1,434
  1,501
  1,572
  1,647
  1,726
  1,809
  1,896
  1,988
  2,084
Total debt, $m
  1,219
  1,300
  1,393
  1,497
  1,613
  1,740
  1,878
  2,027
  2,188
  2,361
  2,546
  2,743
  2,954
  3,177
  3,414
  3,665
  3,931
  4,212
  4,509
  4,822
  5,153
  5,502
  5,870
  6,257
  6,666
  7,095
  7,548
  8,024
  8,524
  9,051
Total liabilities, $m
  3,534
  3,616
  3,709
  3,813
  3,929
  4,055
  4,194
  4,343
  4,504
  4,677
  4,862
  5,059
  5,269
  5,493
  5,730
  5,981
  6,246
  6,528
  6,824
  7,138
  7,469
  7,818
  8,186
  8,573
  8,981
  9,411
  9,863
  10,339
  10,840
  11,367
Total equity, $m
  1,837
  1,879
  1,928
  1,982
  2,042
  2,108
  2,180
  2,257
  2,341
  2,431
  2,527
  2,630
  2,739
  2,855
  2,978
  3,108
  3,247
  3,393
  3,547
  3,710
  3,882
  4,063
  4,255
  4,456
  4,668
  4,891
  5,127
  5,374
  5,634
  5,908
Total liabilities and equity, $m
  5,371
  5,495
  5,637
  5,795
  5,971
  6,163
  6,374
  6,600
  6,845
  7,108
  7,389
  7,689
  8,008
  8,348
  8,708
  9,089
  9,493
  9,921
  10,371
  10,848
  11,351
  11,881
  12,441
  13,029
  13,649
  14,302
  14,990
  15,713
  16,474
  17,275
Debt-to-equity ratio
  0.660
  0.690
  0.720
  0.760
  0.790
  0.830
  0.860
  0.900
  0.930
  0.970
  1.010
  1.040
  1.080
  1.110
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.400
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
Adjusted equity ratio
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  511
  521
  533
  545
  559
  575
  592
  610
  629
  650
  672
  696
  721
  748
  777
  807
  839
  873
  908
  946
  986
  1,027
  1,072
  1,118
  1,167
  1,219
  1,273
  1,330
  1,390
  1,453
Depreciation, amort., depletion, $m
  217
  222
  228
  235
  242
  249
  258
  267
  277
  288
  299
  311
  324
  338
  352
  368
  384
  401
  420
  439
  459
  481
  503
  527
  552
  579
  607
  636
  667
  699
Funds from operations, $m
  728
  743
  761
  780
  801
  824
  849
  877
  906
  938
  971
  1,007
  1,045
  1,086
  1,129
  1,175
  1,223
  1,274
  1,328
  1,385
  1,445
  1,508
  1,575
  1,645
  1,719
  1,797
  1,880
  1,966
  2,057
  2,152
Change in working capital, $m
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  34
  36
  39
  41
  43
  46
  49
  52
  54
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
Cash from operations, $m
  716
  729
  744
  761
  780
  801
  824
  849
  877
  906
  937
  971
  1,007
  1,045
  1,086
  1,129
  1,174
  1,222
  1,273
  1,327
  1,384
  1,444
  1,508
  1,574
  1,645
  1,719
  1,797
  1,879
  1,965
  2,056
Maintenance CAPEX, $m
  -213
  -217
  -222
  -228
  -235
  -242
  -249
  -258
  -267
  -277
  -288
  -299
  -311
  -324
  -338
  -352
  -368
  -384
  -401
  -420
  -439
  -459
  -481
  -503
  -527
  -552
  -579
  -607
  -636
  -667
New CAPEX, $m
  -38
  -48
  -55
  -62
  -68
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
Cash from investing activities, $m
  -251
  -265
  -277
  -290
  -303
  -317
  -331
  -346
  -362
  -379
  -397
  -416
  -435
  -456
  -478
  -500
  -525
  -550
  -576
  -605
  -634
  -665
  -698
  -732
  -768
  -806
  -846
  -888
  -932
  -978
Free cash flow, $m
  464
  463
  466
  471
  477
  484
  493
  503
  514
  527
  540
  555
  572
  589
  608
  628
  649
  672
  697
  722
  750
  779
  810
  842
  876
  913
  951
  991
  1,033
  1,078
Issuance/(repayment) of debt, $m
  68
  81
  93
  104
  116
  127
  138
  150
  161
  173
  185
  197
  210
  223
  237
  251
  266
  281
  297
  314
  331
  349
  368
  388
  408
  430
  452
  476
  501
  527
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  68
  81
  93
  104
  116
  127
  138
  150
  161
  173
  185
  197
  210
  223
  237
  251
  266
  281
  297
  314
  331
  349
  368
  388
  408
  430
  452
  476
  501
  527
Total cash flow (excl. dividends), $m
  531
  544
  559
  575
  593
  611
  631
  653
  675
  700
  725
  753
  782
  812
  845
  879
  915
  953
  994
  1,036
  1,081
  1,128
  1,177
  1,230
  1,284
  1,342
  1,403
  1,467
  1,534
  1,605
Retained Cash Flow (-), $m
  -36
  -42
  -48
  -54
  -60
  -66
  -72
  -78
  -84
  -90
  -96
  -103
  -109
  -116
  -123
  -131
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -274
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  495
  502
  511
  521
  533
  545
  559
  575
  592
  610
  629
  650
  673
  696
  722
  749
  777
  807
  839
  873
  909
  946
  986
  1,028
  1,072
  1,119
  1,168
  1,219
  1,274
  1,331
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  475
  460
  445
  429
  413
  396
  378
  359
  340
  320
  299
  277
  256
  234
  212
  190
  169
  149
  129
  111
  94
  79
  65
  52
  42
  33
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Spirit AeroSystems Holdings, Inc. is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems. The Fuselage Systems segment includes the development, production and marketing of forward, mid and rear fuselage sections and systems. The Propulsion Systems segment includes the development, production and marketing of struts/pylons, nacelles (including thrust reversers) and related engine structural components. The Wing Systems segment includes the development, production and marketing of wings and wing components (including flight control surfaces), and other miscellaneous structural parts. The Company's maintenance, repair and overhaul (MRO) services include repair stations that provide complete on-site repair and overhaul.

FINANCIAL RATIOS  of  Spirit AeroSystems Holdings Cl A (SPR)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 1.5
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 26
Current Ratio 0
LT Debt to Equity 55%
Total Debt to Equity 56.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 11.1%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 18.2%
Return On Equity 23.2%
Return On Equity - 3 Yr. Avg. 29.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 15.8%
EBITDA Margin 13.5%
EBITDA Margin - 3 Yr. Avg. 12.2%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. -1.7%
Payout Ratio 0%

SPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPR stock intrinsic value calculation we used $6983 million for the last fiscal year's total revenue generated by Spirit AeroSystems Holdings Cl A. The default revenue input number comes from 0001 income statement of Spirit AeroSystems Holdings Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SPR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SPR is calculated based on our internal credit rating of Spirit AeroSystems Holdings Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Spirit AeroSystems Holdings Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SPR stock the variable cost ratio is equal to 89.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SPR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Spirit AeroSystems Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Spirit AeroSystems Holdings Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SPR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SPR are equal to 29.3%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Spirit AeroSystems Holdings Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SPR is equal to 9.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1801 million for Spirit AeroSystems Holdings Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 106.499 million for Spirit AeroSystems Holdings Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Spirit AeroSystems Holdings Cl A at the current share price and the inputted number of shares is $8.9 billion.

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COMPANY NEWS

▶ USAF quiet on delivery schedule for Boeing KC-46 tanker to Wichita   [Oct-15-18 03:39PM  American City Business Journals]
▶ NBAA news includes new planes, new partnerships and first deliveries   [02:48PM  American City Business Journals]
▶ Spirit AeroSystems on the hunt for big ideas   [Oct-12-18 06:00AM  American City Business Journals]
▶ Florida firm buys another Wichita aerospace supplier   [Oct-10-18 12:28PM  American City Business Journals]
▶ Spirit AeroSystems touts partnerships and defense opportunities at innovation event   [Oct-09-18 02:03PM  American City Business Journals]
▶ Boeing boosts 737 deliveries in September   [11:55AM  American City Business Journals]
▶ Boeing Stock Looks Risky at Current Levels   [Oct-08-18 03:31PM  InvestorPlace]
▶ Airbus selects commercial chief Guillaume Faury as next CEO   [02:10PM  American City Business Journals]
▶ Airbus picks up the delivery pace in September   [Oct-05-18 02:51PM  American City Business Journals]
▶ Changing Boeing order book includes more 787 work for Spirit AeroSystems   [Oct-02-18 03:24PM  American City Business Journals]
▶ Wichita awaits word on T-X work following Boeing contract win   [Sep-28-18 03:39PM  American City Business Journals]
▶ Cover story: Living it up in Wichita   [06:00AM  American City Business Journals]
▶ Spirit AeroSystems touts capabilities for possible role in B-52 re-engine program   [Sep-21-18 02:23PM  American City Business Journals]
▶ Sedgwick County approves bond sale for Spirit AeroSystems expansion   [Sep-20-18 11:25AM  American City Business Journals]
▶ Spirit AeroSystems leader for Airbus programs retiring from company   [Sep-19-18 03:24PM  American City Business Journals]
▶ Report: Boeing planning another rate hike on the 737   [Sep-18-18 03:40PM  American City Business Journals]
▶ Spirit AeroSystems preparing to hit the ground running on purchase of Asco Industries   [Sep-17-18 03:45PM  American City Business Journals]
▶ Spirit AeroSystems CEO says next 737 increase will be easier to meet   [03:24PM  American City Business Journals]
▶ Corning CFO: We're not expecting a 'big impact' from Hurricane Florence   [Sep-14-18 07:12AM  American City Business Journals]
▶ Boeing halts South Carolina plant as Hurricane Florence bears down   [Sep-13-18 02:02PM  American City Business Journals]
▶ Boeing CEO says 737 deliveries will accelerate over remainder of 2018   [Sep-12-18 02:03PM  American City Business Journals]
▶ Spirit AeroSystems executive moving to new job at Emprise Bank   [01:59PM  American City Business Journals]
▶ Spirit AeroSystems adjusts financial outlook amid production increases   [11:36AM  American City Business Journals]
▶ Global TransPark to be hub for Hurricane Florence responders   [Sep-11-18 02:06PM  American City Business Journals]
▶ Airbus deliveries slow in August   [03:05PM  American City Business Journals]
▶ Boeing still planning October tanker delivery following FAA certification   [Sep-05-18 02:24PM  American City Business Journals]
▶ Spirit AeroSystems boosting overtime pay to meet demand   [Aug-31-18 12:27PM  American City Business Journals]
▶ $2 billion pileup: Boeing 737 ramp-up stalls in Renton   [05:00AM  American City Business Journals]
▶ Boeing 787 Dreamliners backing up in South Carolina   [Aug-28-18 03:31PM  American City Business Journals]
▶ Another Boeing supplier falls behind on 737 program   [Aug-24-18 12:11PM  American City Business Journals]
▶ Court says former CEO Lawsons lawsuit can continue against Spirit AeroSystems   [Aug-21-18 01:47PM  American City Business Journals]
▶ Report: Boeing 737 chief to retire at the end of the year   [Aug-16-18 12:23PM  American City Business Journals]
▶ Boeing 737 deliveries take expected dip in July   [Aug-14-18 12:34PM  American City Business Journals]
▶ U.S. Air Force puts out call for KC-46 tanker pilots   [Aug-13-18 01:53PM  American City Business Journals]
▶ Mitsubishi Aircraft mining Wichita for aviation talent   [Aug-09-18 03:48PM  American City Business Journals]
▶ Boeing shoots down rumors of possible 737 pause   [02:59PM  American City Business Journals]
▶ Boeing denies rumors it may pause 737 production in Renton as planes pile up   [Aug-08-18 09:50PM  American City Business Journals]
▶ Boeing expects 737 deliveries to fall below output in the third quarter   [03:10PM  American City Business Journals]
▶ Newly acquired A220 adds to Airbus delivery total   [02:08PM  American City Business Journals]
▶ Analyst says engines are a bigger concern than fuselages on Boeing's 737   [Aug-07-18 12:02PM  American City Business Journals]
▶ National website: Wichita a top city for 'big home bargains'   [Aug-06-18 03:13PM  American City Business Journals]
▶ Parking tin: Past delays reportedly piling up unfinished 737s at Boeing   [Aug-03-18 02:46PM  American City Business Journals]
▶ Spirit AeroSystems pushing for perfect on 737 program   [02:14PM  American City Business Journals]
▶ Record deliveries drive improved financials at Spirit AeroSystems in Q2   [09:12AM  American City Business Journals]
▶ Spirit Aerosystems: 2Q Earnings Snapshot   [08:01AM  Associated Press]
▶ Embraer CEO hopes to speed the close of Boeing commercial deal   [Jul-31-18 03:54PM  American City Business Journals]
▶ Wichita among those in Boeings eye as company considers rate increases   [01:47PM  American City Business Journals]
▶ Boeing beats analyst projections on 2Q performance   [02:08PM  American City Business Journals]
▶ Spirit AeroSystems Announces Quarterly Cash Dividend   [Jul-23-18 06:15PM  PR Newswire]
▶ WSU Tech releases more details on Wichita Promise program   [03:39PM  American City Business Journals]
▶ Spirit AeroSystems boosting use of robotics   [Jul-19-18 01:48PM  American City Business Journals]
▶ Spirit AeroSystems unveils breakthrough fabrication process   [12:45PM  American City Business Journals]
▶ Boeing predicts increased demand for passenger jets   [Jul-17-18 02:11PM  American City Business Journals]
▶ Spirit AeroSystems building major new R&D complex in Scotland   [01:18PM  American City Business Journals]
▶ Corrections & Amplifications   [Jul-16-18 08:57PM  The Wall Street Journal]
▶ [$$] Boeing, Airbus Strain to Deliver the New Jets They Have Promised   [Jul-15-18 08:47PM  The Wall Street Journal]
▶ Heres why Textron isnt taking the Scorpion jet to Farnborough   [Jul-13-18 02:52PM  American City Business Journals]
▶ Sharks in the sky: Watch for special Southwest Airlines jets in Wichita   [Jul-12-18 03:50PM  American City Business Journals]

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