Spirit AeroSystems Preliminary Financial Results Show Improvements for Q4 2024

In a recent Form 8-K filing, Spirit AeroSystems Holdings, Inc. provided estimated and preliminary unaudited financial information for the fourth quarter ended December 31, 2024. The report detailed significant improvements in various financial aspects compared to the prior quarter.

According to the filing, Spirit reported a net revenue of $1,662 million for the fourth quarter of 2024, marking a 13% increase from the third quarter. The company also saw improvements in net cash provided by operating activities, which amounted to $136 million, representing a $412 million improvement from the previous quarter. Free cash flow for the same period stood at $91 million, reflecting a $414 million enhancement from the third quarter.

The financial report highlighted an overall increase in deliveries during the fourth quarter of 2024 compared to the previous quarter. Notably, there were higher deliveries of Boeing 737 aircraft, contributing to the positive trend. The company also outlined forward loss charges of $401 million mainly associated with multiple programs, including the Boeing 787, Airbus A220, and Airbus A350.

Regarding the liquidity and cash flow position, Spirit indicated a total liquidity of approximately $890 million. This liquidity includes proceeds from the recent sale of Fiber Materials, Inc. to Tex-Tech Industries, Inc., and advanced payments from both Boeing and Airbus. Spirit may receive additional cash proceeds from other potential divestitures to aid in enhancing its financial position.

Looking ahead, the company projected its Free Cash Flow usage through Q2 2025 to be in the range of $650 million to $700 million. This projection excludes any potential proceeds from future divestitures to others, as announced in conjunction with the merger agreement.

As the financial closing procedures for the fourth quarter and the year ending December 31, 2024, are not yet complete, Spirit emphasized that the preliminary financial information provided is subject to change. The company is expecting to deliver audited financials with an unqualified audit opinion with regard to its status as a going concern. Efforts are underway to seek an amendment to the existing Term Loan B Credit Agreement to address this matter.

The market will be closely watching as Spirit AeroSystems progresses with its financial reporting and operational enhancements to secure a stable financial position for the future.

Please note that all financial information presented in this article is preliminary and subject to change as finalized reports become available.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Spirit AeroSystems’s 8K filing here.

About Spirit AeroSystems

Spirit AeroSystems Holdings, Inc engages in the design, engineering, manufacture, and marketing of commercial aerostructures worldwide. It operates through three segments: Commercial, Defense & Space, and Aftermarket. The Commercial segment offers forward, mid, and rear fuselage sections and systems, floor beams, nacelles, struts/pylons, horizontal and vertical stabilizers, flaps and slats flight control surfaces, wing structures, and wing systems.