Aerospace supplier Spirit AeroSystems (SPR.N) said on Wednesday it had entered into a preliminary agreement with its largest customer Boeing (BA.N) to achieve production stability at its factories and support higher deliveries.
Shares of Spirit jumped 8.8% before the bell after the company said Boeing has provided funding for tooling and capital through 2025 for some planned and potential 737 and 787 rate increases.
"Boeing and Spirit will continue to work shoulder to shoulder to mitigate today's operational challenges," Spirit said in a statement.
However, quality woes related to 737 fuselages continue to weigh on Spirit as it forecast third-quarter revenue between $1.43 billion and $1.45 billion, below analysts' average expectation of $1.53 billion, according to LSEG data.
