Spirit AeroSystems reports Q2 2020 revenue of USD 644.6m

Spirit Aerosystems has reported USD 644.6 million in the second quarter 2020 revenue, down from the same period of 2019, primarily due to lower 737 MAX production resulting from the grounding of the program and the impacts of COVID-19, the company said.

The company was directed by Boeing to produce 72 737 shipsets in 2020, an 88% reduction from 606 delivered shipsets in 2019. Spirit delivered 159 shipsets compared to 449 shipsets in Q2 2019 and 324 shipsets in Q1 2020.

The company reported losses of USD 194 million, primarily on the 787 and A350 programs due to greater customer production rate reductions than previously assumed.

Operating loss for the second quarter of 2020 was USD (367.0) million, down compared to operating income of USD 226.0 million in the same period of 2019. Included in operating loss was excess capacity costs of USD 82.8 million and abnormal costs related to COVID-19 of USD 19.3 million,

Second quarter EPS was USD (2.46), compared to USD 1.61 in the same period of 2019. Second quarter 2020 adjusted EPS was USD (2.28), excluding the impacts of planned acquisitions, restructuring costs and the VRP offered during the first quarter of 2020, compared to USD 1.71 in the same period of 2019.

Cash from operations in the second quarter of 2020 was USD (228) million, down from USD 230 million in the same quarter last year, primarily due to negative impacts of working capital requirements and significantly lower production deliveries. F