Prnewswireยท2025-05-01 20:20Core Viewpoint - Spirit AeroSystems reported a decline in revenue and operating loss in the first quarter of 2025, primarily due to reduced production activity on Boeing programs, particularly the Boeing 737, although there was an increase in Airbus program activity [2][4][10]. Financial Performance - Revenue for the first quarter of 2025 was $1.522 billion, down 11% from $1.703 billion in the same period of 2024 [24]. - The operating loss improved to $487 million from $528 million year-over-year, with an operating loss margin of 32.0% compared to 31.0% in 2024 [24]. - Net loss was $613 million, slightly improved from $617 million in the previous year, resulting in a net loss per share of $(5.21) compared to $(5.31) [10][24]. Cash Flow and Liquidity - Cash used in operations was $420 million, a slight increase from $416 million in the prior year, while free cash flow usage was $474 million compared to $444 million [25][30]. - The cash balance at the end of the first quarter of 2025 was $220 million, down from $537 million at the end of 2024 [25][31]. Segment Performance - Commercial segment revenue decreased by 14.3% to $1.162 billion, primarily due to lower production activity on Boeing programs [26]. - Defense & Space segment revenue increased by 4.1% to $261 million, driven by higher activity on the Boeing P-8 and Sikorsky CH-53K programs [26]. - Aftermarket segment revenue increased slightly to $99.2 million, although operating margin decreased due to sales mix [26][17]. Backlog and Deliveries - Spirit's backlog at the end of the first quarter of 2025 was approximately $48 billion, encompassing work packages on all commercial platforms for Airbus and Boeing [3]. - Total deliveries increased to 429 shipsets in the first quarter of 2025, up from 307 in the same period of 2024, with significant increases in Boeing 737 deliveries [26]. Strategic Developments - The company is in the process of a merger with Boeing, expected to close in the third quarter of 2025, subject to regulatory approvals and other conditions [13]. - Spirit has also entered into a definitive agreement with Airbus for the divestiture of certain assets for $439 million, expected to close concurrently with the Boeing acquisition [14].