Spirit AeroSystems revenues were down 11% in the first quarter of the year, totalling $1.5bn. For its commercial segment, revenues were up 14.3% to $1.2bn.
The company said this decline was primarily driven by lower production activity on most Boeing quarters — particularly on the 737 programme. However, this was partially offset by higher production activity on Airbus programmes during the quarter.
Additionally, overall shipset deliveries totalled 429 during the quarter, increasing from the 307 deliveries last year. Additionally, the 737 shipset deliveries improved significantly from 44 last year to 127.
“Boeing 737 deliveries were significantly higher year-over-year due to the delay in deliveries caused by the initiation of the joint product verification process with Boeing during the first quarter of 2024,” said Spirit in its report.
The company's backlog was around $48bn as of the end of the quarter, including work packages on all commercial platforms in the Airbus and Boeing backlog. Boeing will finalise its acquisition of Spirit later in the year. Additionally, Airbus finalised an agreement with Spirit to acquire Airbus work packages from Spirit at the end of April.
The company recorded an operating loss of $487 million in the first quarter, improving 8% compared to the same period last year. Net losses were relatively flat, improving 1% to $613 million. The company's free cash flow was down 7% to $474 million.
For its commercial segment, Spirit reported a $464.9 million operating loss, improving 4.1% compared to last year.
As of the end of the first quarter, the company's total debt was $4.4bn. The company's cash balance at the end of the quarter was $220 million.