AVIATION NEWS
AviTrader sponsorship ad

Spirit AeroSystems posts third-quarter net loss of US$156 million

Spirit’s third quarter of 2020 revenue was US$806 million, down from the same period of 2019, primarily due to the significantly lower 737 MAX production resulting from the grounding of the program and the impacts of COVID-19. Deliveries decreased to 206 shipsets during the third quarter of 2020 compared to 437 shipsets in the same period of 2019, including Boeing 737 MAX deliveries of 15 shipsets compared to 154 shipsets in the same period of the prior year.  

Spirit’s backlog at the end of the third quarter of 2020 was approximately US$40 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog.

Operating loss for the third quarter of 2020 was US$(177) million, down compared to operating income of US$206 million in the same period of 2019. Included in the 2020 operating loss were excess capacity costs of US$72.6 million, forward loss charges of US$(128.4) million, primarily driven by the lower production rates announced by Boeing and Airbus on the 787 and A350 programs, and restructuring expenses of US$19.5 million for cost-alignment and headcount reductions. In comparison, during the third quarter of 2019, Spirit recorded US$(28.8) million of net forward loss charges.

Spirit reported a third-quarter net loss of US$(156) million and cash from operations of US$(53) million, down from US$255 million in the same quarter last year, primarily due to negative impacts of working capital requirements and significantly lower production deliveries, partially offset by favorable cash tax.

On October 30, the company closed the acquisition of select Bombardier assets. Prior to the closing, on October 26, 2020, Spirit, Bombardier, Inc. and certain of their affiliates entered into an amendment to the purchase agreement that reduced the net proceeds purchase price payable to the sellers from US$500 million to US$275 million.

Friday April 19, 2024
© Safran
To commemorate its 25th anniversary, Safran Aircraft Engines Services Morocco (SAESM), a collaboration between Safran Aircraft Engines and Royal Air Maroc, have unveiled the expansion of its Nouaceur plant near Casablanca’s Mohammed V International Airport. ... Read More »
Friday April 19, 2024
Among other transactions during the quarter SkyWorks negotiated the extension of the lease for an A319-100 aircraft leased to Bangkok Airways
SkyWorks Holdings hasndisclosed the transactions and engagements conducted during the first quarter of 2024 across its Leasing & Asset Management and Investment Banking & Advisory Groups. Under the Leasing & Asset Management Group, SkyWorks facilit... Read More »
Friday April 19, 2024
H145 Jupiter HT1 at RAF Shawbury
The UK Ministry of Defence has placed an order for an additional six Airbus H145 helicopters, marking the next phase in the modernisation of its rotary fleet and streamlining the variety of helicopter types in operation. The new aircraft will primarily serve e... Read More »
Friday April 19, 2024
Aerospace and defence company Israel Aerospace Industries (IAI), has joined Sharp Technics K (STK) and Incheon International Airport Corporation in a ceremony marking the laying of the cornerstone for a joint Boeing 777 passenger-to-freight conversion facility... Read More »
Friday April 19, 2024
Signing of the MoU between Austrian Industrial Cooperation & Aviation Technology (AICAT) and Embraer © Embraer
Embraer has signed a memorandum of understanding (MoU) with AICAT (Austrian Industrial Cooperation & Aviation Technology) aimed at enhancing international cooperation in the aerospace sector. The cooperation aims to strengthen ties with the main aerospace ... Read More »
Friday April 19, 2024
NJE is expanding its charter footprint with NSW service
National Jet Express (NJE), a member of the Rex Group, has announced the commencement of weekly charter services between Brisbane and Orange in New South Wales for mining and civil contractor SEE Civil. These services mark NJE’s eighth destination on the Eas... Read More »
Friday April 19, 2024
SCAT Airlines takes off with AMOS © Swiss-AS
Swiss-AS has released that SCAT Airlines, one of Kazakhstan’s leading carriers, has successfully launched AMOS. This significant achievement signifies the conclusion of an extensive transition period, facilitating the seamless integration and operation o... Read More »
Thursday April 18, 2024
Caroline Vandedrinck, SVP Business Development at SR Technics
At this year’s MRO Americas in Chicago, AviTrader had the opportunity to talk to Caroline Vandedrinck, SVP Business Dev. at SR Technics, about Engines and a Diverse Workforce : SR Technics recently inducted its 5,500th engine into the engine shop in Zuri... Read More »
Thursday April 18, 2024
AEGEAN Airbus A321neo aircraft © AEGEAN
AEGEAN has announced its strategic decision to invest in an extended-range and upgraded cabin quality version of the Airbus A321neo, creating a dedicated “special purpose” sub-fleet initially comprising four aircraft. These specially configured A32... Read More »
Thursday April 18, 2024
KLM aircraft at Schiphol Airport ©
GE Aerospace, Software as a Service, has announced that KLM Group Airlines (KLM Group), comprising KLM Royal Dutch Airlines, KLM Cityhopper and Martinair, has enlisted its Fuel Insight software to enhance fuel efficiency, lower CO2 emissions and consolidate ar... Read More »
Thursday April 18, 2024
Narita International Airport © Collins Aerospace
Collins Aerospace has been chosen to deploy systems aimed at improving the passenger experience through streamlined processing and self-service kiosks at Narita International Airport Corporation (NAA), Japan. NAA has opted for ARINC cMUSE, the airport’s comm... Read More »
Thursday April 18, 2024
Czech Airlines Technics
Czech Airlines Technics (CSAT), a subsidiary of Prague Airport, has achieved financial success for the first time since 2019. This positive outcome is attributed to the gradual restoration of operations across all sectors, increased service volume and optimal ... Read More »
Thursday April 18, 2024
Rendering of eVTOL aircraft in AirX livery © Eve
Eve Air Mobility (Eve) has signed a letter of intent with AirX Inc., Japan’s largest public helicopter air charter service, for up to ten firm and up to 40 optional electric vertical take-off and landing (eVTOL) aircraft. The order will support the continued... Read More »
Thursday April 18, 2024
Jack Karapetyan
Ontic, a licensor and manufacturer of complex engineered parts for the aerospace and defence industries, has named Jack Karapetyan as Vice President and General Manager of Global MRO Operations. This appointment marks a significant new direction for Ontic̵... Read More »
Wednesday April 17, 2024
United Airlines
United Airlines (UAL) has announced its first-quarter (Q1) 2024 financial results, recording a pre-tax loss of US$164 million, marking a US$92 million improvement compared to the same quarter last year. Adjusted pre-tax loss stood at US$79 million, reflecting ... Read More »
Wednesday April 17, 2024
Bangkok Airways eyes further growth through renewed network planning and optimisation deal with Sabre © Sabre
Sabre Corporation has announced the renewal of its agreement with Bangkok Airways, as the airline sets its sights on continued industry growth, investment and collaboration. This renewed partnership marks the third extension between the two companies, ensuring... Read More »
Wednesday April 17, 2024
With the acquisition of ATB, SAMCO Aircraft Maintenance will double its base maintenance footprint in Europe © Airbus
SAMCO Aircraft Maintenance, an aircraft maintenance provider, has reported the successful acquisition of Austrian Airlines Techniks Bratislava (ATB). Established in 2006, ATB has been providing heavy maintenance services to regional aircraft operators. Under t... Read More »
Wednesday April 17, 2024
CMA CGM AIR CARGO will take delivery of two Boeing B777-200F aircraft this year © Boeing
CMA CGM AIR CARGO is set to launch a transpacific route linking Asia to North America in the summer of 2024, marking a significant step forward in its development strategy. To facilitate service expansion to new destinations, CMA CGM AIR CARGO will take delive... Read More »
Wednesday April 17, 2024
Barry Swift Chief Operating Officer of AJW
AJW Group has announced the signing of multiple new logistics contracts aimed at transforming its operational landscape. These agreements represent a significant investment in AJW Group’s future, focused on streamlining operations, reducing costs, and reinfo... Read More »
Wednesday April 17, 2024
Lufthansa Group
On an initial basis, the Lufthansa Group has reported an Adjusted EBIT loss of €849 million in the first quarter of 2024 (compared to a loss of €273 million the previous year). The loss exceeded expectations due to various strikes, both by different employ... Read More »
MRO Americas 2024

2023 MEDIA KIT

Aviation Media Pack

Learn more on how AviTrader can expand your market

Please contact

Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada

Subscribe to the most widely accepted news source in the aviation industry!


Free Daily, Weekly and MRO Publications delivered to your Inbox!
News Alerts, Editorials, Marketplace, Executive Interviews +more

Select publications:

*we respect your privacy and AviTrader will not share your email address to any 3rd Parties.

Scroll to Top
AviTrader

FREE
VIEW