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Investing.com -- Spirit AeroSystems (NYSE:SPR) reported preliminary fourth-quarter 2024 results on Monday, with revenue exceeding analyst expectations despite posting a net loss.
The aerospace supplier generated $1.66 billion in revenue, slightly above the consensus estimate of $1.65 billion. Free cash flow improved to $91 million, up from $42 million in the same period last year, driven by higher Boeing (NYSE:BA) 737 deliveries and working capital timing.
Spirit posted a gross loss of $413 million, compared to a gross profit of $291 million in Q4 2023.
The decline was attributed to forward losses on key programs, including $167 million on the Boeing 787, $73 million on the Airbus A220, and $64 million on the Airbus A350, as well as higher labor and supply chain costs.
While revenue declined year-over-year, impacted by the absence of one-time favorable adjustments from Boeing’s 2023 Memorandum of Agreement (MOA), Spirit saw higher deliveries.
The company shipped 457 aircraft shipsets in Q4 2024, up from 398 a year earlier, with Boeing 737 deliveries rising to 133 from 104.
Spirit also highlighted strong liquidity, ending the quarter with $537 million in cash, supported by $200 million in advance payments from Boeing and $70 million from Airbus as part of previously announced funding agreements.