Spirit AeroSystems Posts $415M Net Loss, Q2'24.

Spirit AeroSystems reported that its quarterly losses more than doubled, with a net loss of $415 million in the second quarter, up from $206 million a year earlier. This increase in losses was attributed to reduced 737 fuselage shipments to Boeing and mounting losses on the Airbus A220 program. Delivery delays of Boeing's 737 MAX jets and production issues following a mid-air panel blowout in January impacted Spirit's results. The company delivered only 27 737 fuselages in the quarter, compared to 74 in the same period last year.

Spirit's financial struggles are evident as it recorded $25 million of forward losses on the A220 program and overall net forward losses of $214 million. The company also faced significant cash burn, using $597 million in cash, much higher than the expected $169 million. To improve liquidity, Spirit borrowed $200 million through a bridge term loan facility. Despite these efforts, the adjusted loss per share was $2.73, wider than the expected 90 cents, and quarterly revenue of $1.49 billion missed analysts' estimates of $1.59 billion. Shares of Spirit AeroSystems fell 2.2% after the report.