(Reuters) – Spirit AeroSystems reported a $577 million fourth-quarter operating loss on Friday compared with $215 million in operating income a year earlier, which was helped by a funding agreement with key customer Boeing .
The major supplier to the U.S. planemaker reported steep losses for 2024 after warning in November there was “substantial doubt” it would be able to continue as a going concern.
Boeing is in the process of acquiring its Wichita-based former subsidiary in a deal expected to close this year.
Spirit Aero reported free cash flow, a metric closely watched by investors, of $91 million during the quarter compared with $42 million a year earlier. Revenue declined 9% to $1.65 billion during the quarter.
Spirit, which produces aerostructures parts for both Boeing and rival Airbus, said its deliveries were up on models for both planemakers during the quarter.
“Deliveries were up twofold on the 737, 37% on the A220 and 15% on the A350 compared to the prior quarter,” said Chief Financial Officer Irene Esteves in a statement.
“We believe this progress demonstrates that, with the right customer support, we are able to meet current demands while also investing for future production rate increases.”
(Reporting By Allison Lampert in Montreal; Editing by Bill Berkrot)
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