Spirit AeroSystems Q3 2023 Earnings Report
Key Takeaways
Spirit AeroSystems reported a 13% increase in revenue to $1.4 billion for Q3 2023. However, the company faced an operating loss of $133.7 million, and a net loss of $204 million. The company appointed Pat Shanahan as interim President and CEO and executed a memorandum of agreement with Boeing.
Revenues increased by 13% to $1.4 billion due to higher production deliveries and increased Defense and Space and Aftermarket revenue.
Operating loss was $133.7 million, driven by higher changes in estimates and excess capacity costs.
EPS was $(1.94), while adjusted EPS was $(1.42), excluding the incremental deferred tax asset valuation allowance.
Cash used in operations was $111 million, and free cash flow usage was $136 million.
Spirit AeroSystems
Spirit AeroSystems
Spirit AeroSystems Revenue by Segment
Forward Guidance
Full-year 2023 cash used in operations is expected to be between $150 and $200 million; full-year 2023 free cash flow is expected to be a usage between $275 and $325 million.
Challenges Ahead
- Full-year 2023 cash used in operations is expected to be between $150 and $200 million
- Full-year 2023 free cash flow is expected to be a usage between $275 and $325 million.
- This outlook reflects lower projected Boeing 737 deliveries of 345 to 360 units for the year.
- The impacts of the memorandum of agreement with Boeing are incorporated into this outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income