Spirit Aerosystems reported first quarter 2023 revenue of $1.4bn, up 22% year-on-year and "primarily due to higher production deliveries on the Boeing 737 program and increased defence and space revenue".
Spirit's commercial segment revenue in the first quarter of 2023 increased 22$ from the same period of the prior year to $1.1 bn, "primarily due to increased production revenues on the Boeing 737 and 777 program[me]s, partially offset by lower production deliveries on the Airbus A220 program[me]".
The reported operating loss was $95.1 million, compared to operating loss of $42.2 million in 2022, an increase "primarily driven by higher changes in estimates during the first quarter of 2023 and the absence of income related to the Aviation Manufacturing Jobs Protection (AMJP) Program[me]".
The company reported changes in estimates that "included net forward loss charges of $110.0 million and unfavourable cumulative catch-up adjustments for periods prior to the first quarter of $11.9 million", which were related to the Airbus 220 programme's loss of $80.9 million
"Excess capacity costs recorded during the first quarter of 2023 were $43.3 million. In comparison, during the first quarter of 2022, Spirit recorded $23.8 million of net forward loss charges, $26.2 million of unfavourable cumulative catch-up adjustments and excess capacity costs of $49.8 million," Spirit added.
Cash used in operations in the first quarter of 2023 was $46 million, compared to cash used in operations of $270 million in the same quarter of 2022, the company said.