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Jun 27, 2024
Spirit AeroSystems Q2 2024 Earnings Report
Spirit AeroSystems reported a challenging Q2 2024 with revenue increase offset by Boeing 737 delivery delays and significant estimate changes, resulting in operating and net losses.
Key Takeaways
Spirit AeroSystems reported Q2 2024 revenues of $1.5 billion but experienced a net loss of $415 million, or $(3.56) per share, impacted by Boeing 737 delivery delays and unfavorable estimate changes. The company's free cash flow usage was $597 million. Spirit is currently working on liquidity improvement plans, including a merger agreement with Boeing expected to close in mid-2025.
Revenues increased to $1.5 billion, driven by higher production activities on most commercial programs and increased Defense and Space revenues, but were partially offset by lower Boeing 737 program volume.
EPS was $(3.56), and adjusted EPS was $(2.73), excluding the incremental deferred tax asset valuation allowance.
Operating loss was significantly impacted by net forward losses of $214 million and unfavorable cumulative catch-up adjustments of $52 million.
Free cash flow usage was $597 million due to Boeing 737 delivery delays related to a joint production verification process.
Spirit AeroSystems
Spirit AeroSystems
Spirit AeroSystems Revenue by Segment
Revenue by Segment
Commercial Revenue
CapyFin.comDefense & Space Revenue
CapyFin.comAftermarket Revenue
CapyFin.com Forward Guidance
In light of the previously announced merger agreement with Boeing, and consistent with customary practice during the pendency of such transactions, Spirit will no longer provide guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income