Fri, Feb 28, 9:43 PM (56 days ago)
**Spirit AeroSystems Holdings, Inc. (SPR) Summary (Fiscal Year Ended December 31, 2024)** For FY 2024, Spirit AeroSystems reported net revenues of $6,316.6 million, a 4.4% increase from $6,047.9 million in 2023, primarily driven by higher production in the Commercial segment (notably B777 and A320 programs). However, the company incurred a significant net loss of $2,139.0 million, worsening from a $616.1 million loss in the previous year, largely due to increased forward loss charges and excess capacity costs. Operating expenses rose, with SG&A expenses increasing by $83.6 million, reflecting merger-related costs. The operating loss escalated to $1,786.1 million, influenced by unfavorable changes in estimates and production challenges, particularly on the B737 MAX and A350 programs. Spirit's liquidity remains a concern, with a cash balance of $537.0 million and a total debt of $4,394.2 million. The company is dependent on customer advances and has ongoing negotiations regarding the proposed merger with Boeing, which is contingent on regulatory approvals and divestitures. Significant risks include reliance on major customers Boeing and Airbus, supply chain disruptions, and geopolitical uncertainties. The expected backlog as of December 31, 2024, was approximately $46.6 billion, reflecting a decrease primarily due to the B737 and A220 programs.