(Reuters) -Spirit AeroSystems posted a bigger third-quarter loss on Friday, as the aerospace supplier continues to burn through cash, weighed down by higher costs in its supply chain. The company, which is set to be acquired by its former parent, Boeing, is grappling with rising costs that are eating into margins. The EU approved the […]
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Spirit AeroSystems posts wider quarterly loss on rising costs
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(Reuters) -Spirit AeroSystems posted a bigger third-quarter loss on Friday, as the aerospace supplier continues to burn through cash, weighed down by higher costs in its supply chain.
The company, which is set to be acquired by its former parent, Boeing, is grappling with rising costs that are eating into margins.
The EU approved the $4.7 billion acquisition earlier this month, after Boeing offered to divest all of Spirit’s businesses that currently supply aerostructures to European rival Airbus.
Boeing offered remedies after the European Commission, which acts as the EU antitrust enforcer, said the deal would have significantly reduced competition in the global aerostructure market and in the large commercial aircraft sector.
The deal, which is set to close in the fourth quarter, is still awaiting U.S. approval.
Earlier on Friday, ratings agency S&P Global said the U.S. government shutdown could likely delay that acquisition into 2026. However, an industry source told Reuters that he was not expecting a delay into 2026.
Spirit posted a quarterly net loss of $724 million, or $6.16 per share, compared with a loss of $477 million, or $4.07 apiece, it reported a year ago.
Total revenues rose 8% to $1.59 billion in the quarter, up from the $1.47 billion last year.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Alan Barona)