Spirit AeroSystems Holdings, released its financial results for the fourth quarter and full year of 2024.

“As we advance toward the anticipated close of the acquisition by Boeing in mid-2025, we continue to make meaningful progress on several key fronts,” said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems. “We’ve made significant strides to improve operations, and our teams are working diligently to develop thoughtful transition plans designed to position us for long-term success. These efforts underscore our commitment to a smooth integration while maintaining focus on delivering value for our customers, employees and stakeholders.”

“We are seeing the results of our process improvement initiatives this quarter with a meaningful increase in both the quality and number of deliveries. Deliveries were up twofold on the 737, 37% on the A220 and 15% on the A350 compared to the prior quarter,” said Irene Esteves, Executive Vice President and Chief Financial Officer, Spirit AeroSystems. “We believe this progress demonstrates that, with the right customer support, we are able to meet current demands while also investing for future production rate increases.”

Revenue

Spirit AeroSystems’ revenue for the fourth quarter of 2024 declined compared to the same period in 2023, primarily influenced by the Boeing Memorandum of Agreement (MOA) signed in October 2023. This included favorable pricing adjustments on the Boeing 787 program and the reversal of a potential claim related to the Boeing 737 vertical fin attach fittings issue. However, the decline was partially offset by increased Defense and Space revenues in the fourth quarter of 2024. Despite the revenue decrease, overall deliveries rose compared to the fourth quarter of 2023, including higher Boeing 737 deliveries.

As of the end of the fourth quarter of 2024, Spirit AeroSystems’ backlog stood at approximately $47 billion, encompassing work packages across all commercial platforms within Airbus and Boeing’s order books.

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