Spirit Aerosystems Settles Boeing Claims, Shares Up 9% (SPR, BA)
Shares of Spirit Aerosystems Holdings, Inc. (NYSE: SPR) are currently up 9% at $22.27 per share during Wednesday afternoon trading.
The company announced on Wednesday morning that it has reached an agreement with Boeing Company (NYSE: BA) regarding certain claims associated with the development and production of the 787-8 airplane.
The company designs and builds the composite forward fuselage, engine pylons, and wing leading edge components for the 787 program, which has suffered many delays.
Senior Vice President and Chief Financial Officer Phil Anderson said, "Working closely with our largest customer, we have developed a fair and equitable framework that reflects current program financial realities and reinforces a partnership that provides the basis for long-term value creation on the program for both Spirit and Boeing."
Today's trading range for shares of Spirit Aerosystems Holdings, Inc. (SPR) has been between $21.00 and $22.75 per share.
The consensus price target of analysts covering the company's stock is $24.35 per share.
Volume of 4.3 million shares is already more than triple the daily average volume of 1.3 million shares.
Spirit Aerosystems Holdings, Inc is the world's largest independent supplier of commercial airplane assemblies and components.
The company also provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America, Europe and Asia.
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