Spirit AeroSystems revenue in the fourth quarter of 2021 was US$1.1 billion, up 22% from the same period in 2020, primarily due to higher production deliveries of the Boeing 737 and increased revenue from the recently acquired A220 and Bombardier programmes. These increases were partially offset by lower wide-body production rates due to reduced international air traffic resulting from the impacts of COVID-19 and the pause in Boeing 787 deliveries. Overall deliveries increased to 281 shipsets during the fourth quarter of 2021 compared to 231 shipsets in the same period in 2020. This includes Boeing 737 deliveries of 51 shipsets compared to 19 shipsets in the same period of the prior year and Boeing 787 deliveries of six shipsets compared to 20 shipsets in the same period of the prior year.
Spirit’s full-year 2021 revenue was US$4.0 billion, up 16% from 2020. Spirit’s backlog at the end of the fourth quarter of 2021 was approximately US$35 billion, with work packages on all commercial platforms in the Airbus and Boeing backlog. Operating loss for the fourth quarter of 2021 was US$79.0 million, as compared to an operating loss of US$101.4 million in the same period for 2020.
Fourth-quarter 2021 earnings included US$45.3 million of excess capacity costs and net forward loss charges of US$46.5 million, US$32.3 million of which were from Boeing 787 schedule changes. In comparison, during the fourth quarter of 2020, Spirit recorded excess capacity costs of US$50.1 million and US$28.1 million of net forward loss charges. Spirit reported a net loss of US$120 million compared to a net loss of US$296 million in 2020. Operating loss for the full year of 2021 was US$459.2 million, as compared to operating loss of US$812.8 million for 2020.
Full-year 2021 earnings included excess capacity costs of US$217.5 million, abnormal costs related to COVID-19 of US$12.0 million, net forward loss charges of US$241.5 million, US$153.5 million of which were from the Boeing 787 programme and unfavourable cumulative catch-up adjustments of US$5.0 million. Full-year net loss was US$541 million compared to a net loss of US$870 million for 2020.
Other income for the full year 2021 was US$146.6 million, compared to a net expense of US$77.8 million in the prior year. The increase was primarily driven by a curtailment gain of US$61 million recognised in the third quarter of 2021, resulting from the closure of the defined benefit plans acquired as part of the Bombardier acquisition, as well as non-cash expenses of US$86.5 million as a result of the voluntary retirement programme offered during 2020. (£1.00 = US$1.35 at time of publication).
