Spirit AeroSystems Holdings Inc. has reported a mounting loss for the first quarter, surpassing last year's figures and falling short of Wall Street expectations.
The firm's net loss amounted to a total of $616.7 million, equivalent to $5.31 per share, indicative of an increase from last year's first-quarter loss of $281.2 million, which equates to $2.68 per share.
Upon excluding certain factors, the adjusted earnings of Spirit AeroSystems Holdings Inc. stood at $3.93 per share for the specified period.
Analysts' average expectations were for the company to report a loss of $0.48 per share, according to data compiled by Thomson Reuters. It should be noted that the analysts' estimates usually exclude special items.
For the quarter, the company's revenue saw a 19% increase, rising to $1.703 billion up from $1.431 billion recorded the previous year.
Applying generally accepted accounting principles (GAAP), Spirit AeroSystems Holdings Inc.'s earnings at a glance are as follows:
For the first quarter, the loss widened to $616.7 million from $281.2 million the previous year. Earnings per share (EPS) also registered a downturn, moving from $2.68 to $5.31. Conversely, revenue for the first quarter increased to $1.703 billion from $1.431 billion last year.
