(Photo Spirit AeroSystems)
SPIRIT AEROSYSTEMS lost more money in the fourth quarter of 2024 than it had previously predicted and warned that it needs more cash to continue operating. It lost $2.1bn across the year, with $631m of it coming in the last three months, when it had expected to lose $413m. The results comes as the manufacturer continues advancing a plan to be acquired by Boeing and to divest to Airbus any manufacturing work it undertakes for the European company. Spirit and Boeing have said they expect to close their combination in mid-2025. Spirit’s operations have been troubled by issues with quality for several years but worsened last year, as Boeing slowed 737 fuselage deliveries to address defects and also halted all 737 production for almost three months during a machinists’ strike. Its Airbus programmes, which include composite-structures manufacturing for the A220 and A350, have generated significant financial losses.
In a statement, the Wichita-based firm said: “Although the customer advances received in 2024 have provided essential operational liquidity, there can be no assurance that Spirit will be able to obtain additional advances from customers, repay current advances on the specified due dates, renegotiate the due dates or otherwise obtain additional liquidity as needed under acceptable terms or at all. We will need to obtain additional funding to sustain operations, as we expect to continue generating operating losses for the foreseeable future.”