(Reuters) -Aerospace supplier Spirit AeroSystems on Thursday reported a drop in first-quarter revenue, hurt by slower production across most programs at its key customer Boeing.
Spirit said production on the Boeing 737 program was higher early in the first quarter of 2024 as it prepared for expected rate increases, which were later delayed.
Boeing is in the process of acquiring Spirit, its Wichita-based former subsidiary, in a deal expected to close in the third quarter of this year.
Last week, European planemaker Airbus finalized a deal to take over some Spirit plants as part of a carve-up of the struggling supplier with rival Boeing.
Spirit posted a net loss of $613 million, or $5.21 per share, for the reported quarter, compared with a loss of $617 million, or $5.31 per share, a year earlier.
The company reported a cash burn, a metric closely watched by investors, of $474 million, compared with $444 million, reported a year ago.
Spirit said customer advances received in 2024 and 2025 have helped support operations, but warned there is no assurance it can secure further advances, repay existing ones on time, or obtain additional liquidity on acceptable terms.
It said its management is also exploring additional steps to bolster liquidity, including seeking more customer advances and restructuring operations to improve efficiency and cut costs.
Net revenues in the quarter through March fell 11% to $1.52 billion. Spirit did not provide an outlook for 2025 citing its pending merger with Boeing.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber)
Comments