AviTrader sponsorship ad

Spirit AeroSystems reports improved second-quarter 2021 results

Spirit AeroSystems second quarter of 2021 revenue was US$1.0 billion, up 55% from the same period in 2020, primarily due to higher production deliveries on the Boeing 737 and Airbus A320 programs and increased revenue from the recently acquired A220 wing and Bombardier programs. These increases were partially offset by the lower wide-body production rates due to reduced international air traffic resulting from the impacts of COVID-19. Deliveries increased to 243 shipsets during the second quarter of 2021 compared to 159 shipsets in the same period of 2020, including Boeing 737 deliveries of 35 shipsets compared to 19 shipsets in the same period of the prior year.

Spirit’s backlog at the end of the second quarter of 2021 was approximately US$34 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog.

Operating loss for the second quarter of 2021 was US$97.7 million, as compared to an operating loss of US$367.0 million in the same period of 2020. The decreased loss was primarily driven by lower forward loss charges, lower costs related to excess capacity and lower losses on disposal of assets in the second quarter of 2021 compared to the second quarter of 2020. Second-quarter 2021 earnings included US$47.5 million of excess capacity costs and US$9.9 million of favorable cumulative catch-up adjustments. Additionally, the second quarter of 2021 included net forward loss charges of US$52.2 million, primarily driven by Boeing 787 engineering analysis and rework. In comparison, during the second quarter of 2020, Spirit recorded US$194.1 million of net forward loss charges, excess capacity costs of US$82.8 million and US$37.7 million of unfavorable cumulative catch-up adjustments. Additionally, during the second quarter of 2020, Spirit recognized loss on disposal charges of US$22.9 million related to certain long lived assets on the Boeing 787 and Airbus A350 programs.

Other income for the second quarter of 2021 was US$31.1 million, compared to a net expense of US$6.4 million for the same period in the prior year. The increase primarily reflects income related to the Belfast pension plan during the second quarter of 2021, as well as a non-cash expense of US$14.7 million recognized in the second quarter of 2020 resulting from the voluntary retirement program (VRP) offered during 2020 that did not recur in 2021.

Investor group led by Apollo completes acquisition of Atlas Air Worldwide

Atlas Air Worldwide (Atlas) a leading global provider of outsourced aircraft and aviation operating services, has released that the investor group led by funds managed by affiliates of Apollo, together with investment affiliates of J.F. Lehman & Company and Hill City Capital, has completed its previously announced acquisition of the company. The company will continue

Read More »

Afroport Mauritanie and IATA sign agreement on ground handling safety

The International Air Transport Association (IATA) and Afroport Mauritanie have signed an agreement to enhance the safety of ground operations in Mauritania with a focus on two critical global standards: IATA Ground Operations Manual (IGOM) and the IATA Safety Audit for Ground Operations (ISAGO). The agreement was signed by Kamil Alawadhi, IATA’s Regional Vice President,

Read More »

Recaro Business-Class seats take flight on Iberia’s A350 cabin

The Recaro Aircraft Seating (Recaro) CL6720 Business-Class seat with doors took flight in Iberia’s A350 cabin on the route from Madrid to Buenos Aires in January. A total of 31 CL6720 seats are outfitted in the A350 Business-Class cabin. The Premium-Economy and Economy cabins are also fully equipped with the Recaro PL3530 and the CL3710,

Read More »

AAR elects John W. Dietrich to Board of Directors

AAR CORP. has released that John W. Dietrich has been elected to AAR’s Board of Directors, effective immediately. Dietrich is the President and Chief Executive Officer of Atlas Air Worldwide Holdings (Atlas), a leading global provider of outsourced aircraft and aviation services, and serves as the Chairman of the National Defence Transportation Association.  “Mr. Dietrich

Read More »

Finnair increases use of sustainable aviation fuel

Finnair is increasing the use of sustainable aviation fuel (SAF) as part of its goal to reduce carbon emissions from flying. Finnair has purchased 750 tonnes of SAF from its partner Neste for use on flights departing from Helsinki Airport. Finnair’s customers are also involved in reducing carbon dioxide emissions from flights: a small part

Read More »

BAA Training partners with Airways Aviation Academy in France

BAA Training, one of Europe’s largest independent aviation training centres, has partnered with Airways Aviation Academy (ESMA), one of the largest privately owned multidisciplinary aviation academies based in France. BAA Training’s soon-to-open simulator centre near Paris-Orly Airport, BAA Training France, will be assisting the Airways Aviation pilots with MCC courses and A320/B737 type rating training.

Read More »

Virgin Orbit operations on hold as further investment sought

Richard Branson’s Virgin Orbit has temporarily put all operations on hold while the company looks to secure additional funding. The move follows on from the failed first launch of its satellite mission from UK soil back in January. In a statement, the company confirmed: “Virgin Orbit is initiating a company-wide operational pause, effective (from) March

Read More »

London Gatwick Airport reports strong financial results for 2022

London Gatwick Airport has published its financial results for 2022, and recognising the urgent need to make net-zero a reality has accelerated its commitment to be net- zero for its own Scope 1 and 2 carbon emissions by 2030, ten years ahead of its previous commitment. This commitment is aligned with both VINCI Airports’ environmental action

Read More »

LHT hands over third Airbus A350 government aircraft to German Armed Forces

Lufthansa Technik has handed over another new Airbus A350 government aircraft to the German Armed Forces. Prior to this, the modern long-haul jet was ceremonially christened “Theodor Heuss”, after the first President of the Federal Republic of Germany. The aircraft was ferried from Lufthansa Technik’s Hamburg base to Cologne-Wahn airport on March 17, to be

Read More »

SriLankan Airlines becomes new member of AMOS community

Swiss-AS has welcomed SriLankan Airlines as a new member of the AMOS customer community. With regard to paperless maintenance, the use of AMOSmobile/EXEC, a touch-optimised add-on to AMOS, will enable SriLankan Airlines to perform all line and base maintenance activities paperless, adding value not only in terms of cost, but also in terms of time,

Read More »

Bluebird Nordic plans to obtain Air Operator Certificate (AOC) in Slovakia

Bluebird Nordic, the Icelandic ACMI leasing and cargo airline, is planning to obtain an Air Operator Certificate (AOC) in Slovakia, expanding its operations in Europe. The company’s decision comes as a strategic move to enter new and prominent markets. “Slovakia is ideally positioned in the middle of Europe, which offers great opportunities for a wider

Read More »
aviation news

2023 MEDIA KIT

AviTrader 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