Spirit AeroSystems reports fourth-quarter and full-year 2022 results

Spirit AeroSystems' revenue in the fourth quarter of 2022 was US$1.3 billion, up 23% from the same period of 2021. This increase was primarily due to higher production deliveries on the Boeing 737 programme as well as increased defence and space revenue. Overall deliveries increased to 343 shipsets during the fourth quarter of 2022 compared to 277 shipsets in the same period of 2021. This includes Boeing 737 deliveries of 81 shipsets compared to 51 shipsets in the same period of the prior year.

Spirit's full-year 2022 revenue was US$5.0 billion, up 27% from 2021. This increase was primarily due to higher production deliveries on the Boeing 737 and Airbus A320 and A220 programmes, as well as increased aftermarket and defence and space revenue, partially offset by lower production deliveries on the Boeing 747 and 787 programmes. Overall deliveries increased to 1,297 shipsets during 2022 compared to 1,022 shipsets in 2021. This includes Boeing 737 deliveries of 281 shipsets compared to 162 shipsets in the prior year.

Spirit's backlog at the end of the fourth quarter of 2022 was approximately US$37 billion, which includes work packages on all commercial platforms in the Airbus and Boeing backlog.  

Operating loss for the fourth quarter of 2022 was US$138.8 million, compared to an operating loss of US$79.0 million in the same period of 2021. The greater operating loss was primarily driven by higher changes in estimates during the fourth quarter of 2022 as well as the absence of income related to the Aviation Manufacturing Jobs Protection (AMJP) Programme that was recognized in the fourth quarter of 2021, partially offset by higher production volumes on the Boeing 737 programme.

Operating loss for the full year of 2022 was US$281.2 million, compared to an operating loss of US$459.2 million in 2021. This improvement was primarily driven by higher production on the Boeing 737 programme and lower excess capacity costs in 2022 compared to the prior year. (£1.00 = US$1.21 at time of publication)