WICHITA, Kan., Feb. 7, 2020 /PRNewswire/ -- Spirit
AeroSystems (NYSE:SPR) announced its Board of Directors declared a
quarterly $0.01 per share cash
dividend on its outstanding common stock on February 6. The dividend is payable April 9, 2020, to stockholders of record as of
the close of business on March 20,
2020.
"In an abundance of caution, the Board concluded that it is in
the best interests of Spirit and its stockholders to reduce
Spirit's quarterly dividend," said Spirit AeroSystems President and
CEO Tom Gentile. "Spirit has a
strong history of capital returns through dividends and share
repurchases and remains committed to returning capital to
stockholders. However, given the significance of the 737 MAX
program to Spirit, the Board believes it is prudent to preserve
liquidity until production rates are at higher levels."
"The Company's Board will consider further action with respect
to the dividend in the future, upon the MAX's return to service and
further production stabilization, as appropriate and in line with
Spirit's disciplined capital allocation strategy," Gentile added.
"While we are going through this challenging period of lower rate
production, the outlook for the MAX remains strong with a backlog
of 4,400 aircraft."
The Board regularly evaluates the Company's capital allocation
strategy and dividend policy. Any future determination regarding
dividends will be at the discretion of the Board and will depend
upon, among other factors, results of operations, financial
condition, capital requirements and contractual restrictions.
On the web: www.spiritaero.com
On Twitter: @SpiritAero
About Spirit AeroSystems Inc.
Spirit
AeroSystems designs and builds aerostructures for both commercial
and defense customers. With headquarters in Wichita, Kansas, Spirit operates
sites in the U.S., U.K., France and Malaysia. The company's
core products include fuselages, pylons, nacelles and wing
components for the world's premier
aircraft. Spirit AeroSystems focuses
on affordable, innovative
composite and aluminum manufacturing solutions to support customers
around the globe. More information is available
at www.SpiritAero.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "aim," "anticipate," "believe,"
"could," "continue," "estimate," "expect," "goal," "forecast,"
"intend," "may," "might," "objective," "outlook," "plan,"
"predict," "project," "should," "target," "will," "would," and
other similar words, or phrases, or the negative thereof, unless
the context requires otherwise. These statements reflect
management's current views with respect to future events and are
subject to risks and uncertainties, both known and unknown. Our
actual results may vary materially from those anticipated in
forward-looking statements. We caution investors not to place undue
reliance on any forward-looking statements. Important factors that
could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be
considered in evaluating our outlook include, without limitation,
the timing and conditions surrounding the return to service of the
737 MAX and any related impacts on our production rate; our
reliance on Boeing for a significant portion of our revenues; our
ability to execute our growth strategy, including our ability to
timely complete and integrate our announced Asco and Bombardier
acquisitions; our ability to accurately estimate and manage
performance, cost, and revenue under our contracts; economic
conditions in the industries and markets in which we operate in the
U.S. and globally; our ability to manage our liquidity, borrow
additional funds or refinance debt; the on-going review of our
accounting processes and the potential effect on our financial
statements; and other factors disclosed in our filings with the
Securities and Exchange Commission. These factors are not
exhaustive and it is not possible for us to predict all factors
that could cause actual results to differ materially from those
reflected in our forward-looking statements. These factors speak
only as of the date hereof, and new factors may emerge or changes
to the foregoing factors may occur that could impact our business.
Except to the extent required by law, we undertake no obligation
to, and expressly disclaim any obligation to, publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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SOURCE Spirit AeroSystems