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Spirit AeroSystems Holdings Inc Class A SPR

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Morningstar’s Analysis

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Spirit AeroSystems Reports Improvement Despite Continued Industrywide Headwinds

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat Spirit AeroSystems reported a difficult second quarter as the commercial aviation supply chain continues to experience headwinds from destocking at the original equipment manufacturer level, and as Boeing further reduces 787 production due to resolving a manufacturing issue. Sales of $1.0 billion beat FactSet consensus by 4.7%.  After incorporating second-quarter earnings into our model, we are decreasing our fair value estimate for Spirit AeroSystems to $45.50 per share from $46.50 as we incorporate Morningstar’s assumption of increased corporate taxes into our model.

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Company Profile

Business Description

Spirit AeroSystems designs and manufactures aerostructures, particularly fuselages, for commercial and military aircraft. The company was spun out of Boeing in 2005, and the firm is the largest independent supplier of aerostructures. Boeing and Airbus are the firms and its primary customers, Boeing composes roughly 80% of annual revenue and Airbus composes roughly 15% of revenue. The company is highly exposed to Boeing’s 737 program, which generally accounts for about half of the company's revenue.

3801 South Oliver Street
Wichita, KS, 67210
T +1 316 526-9000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 14,500