Spirit AeroSystems Reports Second Quarter 2023 Results
- Q2 2023 revenues increased by 8% from 2022, primarily due to higher production deliveries on the Boeing 737 and 787 programs.
- Operating loss for Q2 2023 was $120.4 million, compared to $104.7 million in 2022, driven by higher changes in estimates and contra revenue recorded for a potential customer claim.
- The IAM contract negotiations and rework of the vertical fin attach fittings impacted production and deliveries, reducing full-year 737 deliveries to 370-390 units, negatively impacting expected revenue, earnings, and cash flow for 2023.
- The company reported a net loss of $206 million in Q2 2023, a 69% increase from 2022.
- Cash used in operations in Q2 2023 was $183 million, a significant increase from $62 million in 2022.
Second Quarter 2023
- Revenues of
$1.4 billion - EPS of
; Adjusted EPS* of$(1.96) $(1.46) - Cash used in operations of
; Free cash flow* usage of$183 million $211 million - Completed rework related to the vertical fin attach fittings issue on available units in
Wichita - Ratified new four-year contract with the International Association of Machinists and Aerospace Workers (IAM)
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) ("Spirit" or the "Company") reported second quarter 2023 financial results.
Table 1. Summary Financial Results (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions, except per share data) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Revenues | 8 % | 15 % | ||||
Operating Loss | ( | ( | (15 %) | ( | ( | (47 %) |
Operating Loss as a % of Revenues | (8.8 %) | (8.3 %) | (50) BPS | (7.7 %) | (6.0 %) | (170) BPS |
Net Loss | ( | ( | (69 %) | ( | ( | ** |
Net Loss as a % of Revenues | (15.1 %) | (9.7 %) | (540) BPS | (17.4 %) | (7.2 %) | ** |
Loss Per Share (Fully Diluted) | ( | ( | (68 %) | ( | ( | ** |
Adjusted Loss Per Share (Fully Diluted)* | ( | ( | (21 %) | ( | ( | ** |
Fully Diluted Weighted Avg Share Count | 105.2 | 104.6 | 105.1 | 104.5 | ||
** Represents an amount in excess of |
"We are very pleased to have in place a four-year contract with our IAM-represented employees, which reflects the gratitude we have for their contributions. While the first vote resulted in a work stoppage, we quickly went back to the table with our union partners and reached a resolution. However, the strike did impact our production and deliveries, as reflected in earnings and cash flow," said Tom Gentile, President and Chief Executive Officer, Spirit AeroSystems.
"Also, we have resolved all rework related to the vertical attach fittings issue on available Boeing 737 units in
Ratification of New Contract with the IAM
The collective bargaining agreement with the IAM, which represents approximately
The IAM negotiations impacted all programs at the
Revenue
Spirit's revenue in the second quarter of 2023 was
Overall deliveries increased to 342 shipsets during the second quarter of 2023 compared to 318 shipsets in the same period of 2022. This includes Boeing 737 deliveries of 74 shipsets compared to 71 shipsets in the same period of the prior year. Spirit's backlog at the end of the second quarter of 2023 was approximately
Earnings
Operating loss for the second quarter of 2023 was
Changes in estimates in the second quarter of 2023 included net forward loss charges of
Spirit estimates that Boeing has completed approximately half of their required rework on the 737 vertical fin attach fittings issue. The Company has recorded
Other expense for the second quarter of 2023 was
Second quarter 2023 EPS was
Cash
Cash used in operations in the second quarter of 2023 was
Free cash flow* in the second quarter of 2023 was a usage of
During the second quarter of 2023, the Company entered into agreements with certain customers to provide cash advances totaling
The cash balance at the end of the second quarter of 2023 was
Table 2. Cash Flow, Cash and Total Debt (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Cash used in Operations | ( | ( | ** | ( | ( | 31 % |
Purchases of Property, Plant & Equipment | ( | ( | (62 %) | ( | ( | (13 %) |
Free Cash Flow* | ( | ( | ** | ( | ( | 26 % |
June 29, | December 31, | |||||
Cash and Total Debt | 2023 | 2022 | ||||
Cash | ||||||
Total Debt | ||||||
** Represents an amount in excess of |
Segment Results
Commercial
Commercial segment revenue in the second quarter of 2023 increased 5 percent from the same period of the prior year to
Defense & Space
Defense & Space segment revenue in the second quarter of 2023 increased 30 percent from the same period of the prior year to
Aftermarket
Aftermarket segment revenue in the second quarter of 2023 increased by 15 percent compared to the same period of 2022 to
Table 4. Segment Reporting (unaudited) | ||||||
2nd Quarter | Six Months | |||||
($ in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Segment Revenues | ||||||
Commercial | 5.0 % | 13.3 % | ||||
Defense & Space | 189.6 | 146.4 | 29.5 % | 378.0 | 304.9 | 24.0 % |
Aftermarket | 92.1 | 80.4 | 14.6 % | 186.6 | 158.2 | 18.0 % |
Total Segment Revenues | 8.5 % | 14.9 % | ||||
Segment (Loss) Earnings from Operations | ||||||
Commercial | ( | ( | (61.6 %) | ( | ( | ** |
Defense & Space | 12.0 | 13.7 | (12.4 %) | 31.2 | 33.7 | (7.4 %) |
Aftermarket | 24.3 | 11.8 | ** | 43.5 | 29.8 | 46.0 % |
Total Segment Operating (Loss) Earnings | ( | ( | (86.7 %) | ( | ** | |
Segment Operating (Loss) Earnings as % of Revenues | ||||||
Commercial | (6.7 %) | (4.4 %) | (230) BPS | (5.3 %) | (2.5 %) | (280) BPS |
Defense & Space | 6.3 % | 9.4 % | (310) BPS | 8.3 % | 11.1 % | (280) BPS |
Aftermarket | 26.4 % | 14.7 % | ** | 23.3 % | 18.8 % | 450 BPS |
Total Segment Operating (Loss) Earnings as % of Revenues | (2.7 %) | (1.6 %) | (110) BPS | (1.6 %) | 0.6 % | (220) BPS |
Unallocated Expense | ||||||
SG&A | ( | ( | (0.6 %) | ( | ( | (9.9 %) |
Research & Development | (13.2) | (14.9) | 11.4 % | (23.8) | (27.2) | 12.5 % |
Total Loss from Operations | ( | ( | (15.0 %) | ( | ( | (46.7 %) |
Total Operating Loss as % of Revenues | (8.8 %) | (8.3 %) | (50) BPS | (7.7 %) | (6.0 %) | (170) BPS |
** Represents an amount in excess of |
On the web: http://www.spiritaero.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "could," "continue," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "objective," "plan," "predict," "project," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown, including, but not limited to, those described in the "Risk Factors" section of the 2022 Form 10-K. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements.
Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following:
- the continued fragility of the global aerospace supply chain including our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components, including increases in energy, freight, and other raw material costs as a result of inflation or continued global inflationary pressures;
- our ability and our suppliers' ability to meet stringent delivery (including quality and timeliness) standards and accommodate changes in the build rates or model mix of aircraft, including the ability to staff appropriately for current production volumes and anticipated production volume increases;
- our ability to maintain continuing, uninterrupted production at our manufacturing facilities and our suppliers' facilities;
- our ability, and our suppliers' ability, to attract and retain the skilled work force necessary for production and development in an extremely competitive market;
- the effect of economic conditions, including increases in interest rates and inflation, on the demand for our and our customers' products and services, on the industries and markets in which we operate in the
U.S. and globally, and on the global aerospace supply chain; - the general effect of geopolitical conditions, including
Russia's invasion ofUkraine and the resultant sanctions being imposed in response to the conflict, including any trade and transport restrictions; - our relationships with the unions representing many of our employees, including our ability to successfully negotiate new agreements, and avoid labor disputes and work stoppages with respect to our union employees;
- the impact of significant health events, such as pandemics, contagions or other public health emergencies (including the COVID-19 pandemic) or fear of such events, on the demand for our and our customers' products and services, the industries and markets in which we operate in the
U.S. and globally; - the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft;
- our reliance on The Boeing Company ("Boeing") and Airbus Group SE and its affiliates (collectively, "Airbus") for a significant portion of our revenues;
- the business condition and liquidity of our customers and their ability to satisfy their contractual obligations to the Company;
- the certainty of our backlog, including the ability of customers to cancel or delay orders prior to shipment on short notice, and the potential impact of regulatory approvals of existing and derivative models;
- our ability to accurately estimate and manage performance, cost, margins, and revenue under our contracts, and the potential for additional forward losses on new and maturing programs;
- our accounting estimates for revenue and costs for our contracts and potential changes to those estimates;
- our ability to continue to grow and diversify our business, execute our growth strategy, and secure replacement programs, including our ability to enter into profitable supply arrangements with additional customers;
- the outcome of product warranty or defective product claims and the impact settlement of such claims may have on our accounting assumptions;
- competitive conditions in the markets in which we operate, including in-sourcing by commercial aerospace original equipment manufacturers;
- our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing, Airbus and other customers;
- the possibility that our cash flows may not be adequate for our additional capital needs;
- any reduction in our credit ratings;
- our ability to access the capital or credit markets to fund our liquidity needs, and the costs and terms of any additional financing;
- our ability to avoid or recover from cyber or other security attacks and other operations disruptions;
- legislative or regulatory actions, both domestic and foreign, impacting our operations, including the effect of changes in tax laws and rates and our ability to accurately calculate and estimate the effect of such changes;
- spending by the
U.S. and other governments on defense; - pension plan assumptions and future contributions;
- the effectiveness of our internal control over financial reporting;
- the outcome or impact of ongoing or future litigation, arbitration, claims, and regulatory actions or investigations, including our exposure to potential product liability and warranty claims;
- adequacy of our insurance coverage;
- our ability to continue selling certain receivables through our supplier financing programs; and
- our ability to effectively integrate recent acquisitions, along with other acquisitions we pursue, and generate synergies and other cost savings therefrom, while avoiding unexpected costs, charges, expenses, and adverse changes to business relationships and business disruptions;
- the risks of doing business internationally, including fluctuations in foreign currency exchange rates, impositions of tariffs or embargoes, trade restrictions, compliance with foreign laws, and domestic and foreign government policies.
These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should review carefully the section captioned "Risk Factors" in the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q for a more complete discussion of these and other factors that may affect our business.
Spirit Shipset Deliveries | |||||||
(one shipset equals one aircraft) | |||||||
2nd Quarter | Six Months | ||||||
2023 | 2022 | 2023 | 2022 | ||||
B737 | 74 | 71 | 169 | 131 | |||
B747 | - | - | - | 1 | |||
B767 | 9 | 8 | 17 | 16 | |||
B777 | 7 | 6 | 14 | 11 | |||
B787 | 10 | 4 | 16 | 7 | |||
Total Boeing | 100 | 89 | 216 | 166 | |||
A220 | 14 | 16 | 27 | 34 | |||
A320 Family | 152 | 147 | 294 | 302 | |||
A330 | 9 | 6 | 18 | 12 | |||
A350 | 13 | 11 | 25 | 26 | |||
Total Airbus | 188 | 180 | 364 | 374 | |||
Business/Regional Jet | 54 | 49 | 108 | 99 | |||
Total | 342 | 318 | 688 | 639 |
Spirit AeroSystems Holdings, Inc. | |||||||||
Condensed Consolidated Statements of Operations | |||||||||
(unaudited) | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||
June 29, 2023 | June 30, 2022 | June 29, 2023 | June 30, 2022 | ||||||
($ in millions, except per share data) | |||||||||
Net revenues | |||||||||
Operating costs and expenses: | |||||||||
Cost of sales | 1,395.5 | 1,277.5 | 2,827.7 | 2,417.4 | |||||
Selling, general and administrative | 70.6 | 70.2 | 148.0 | 134.7 | |||||
Restructuring costs | 0.9 | - | 7.2 | 0.2 | |||||
Research and development | 13.2 | 14.9 | 23.8 | 27.2 | |||||
Other operating expense | 4.9 | - | 4.9 | - | |||||
Total operating costs and expenses | 1,485.1 | 1,362.6 | 3,011.6 | 2,579.5 | |||||
Operating loss | (120.4) | (104.7) | (215.5) | (146.9) | |||||
Interest expense and financing fee amortization | (73.6) | (55.1) | (146.0) | (114.0) | |||||
Other (expense) income, net | (9.9) | 34.6 | (127.3) | 72.3 | |||||
Loss before income taxes and equity in net income (loss) of affiliates | (203.9) | (125.2) | (488.8) | (188.6) | |||||
Income tax (provision) benefit | (3.0) | 3.5 | 1.3 | 14.5 | |||||
Loss before equity in net income (loss) of affiliates | (206.9) | (121.7) | (487.5) | (174.1) | |||||
Equity in net income (loss) of affiliates | 0.5 | (0.5) | (0.2) | (0.9) | |||||
Net loss | (206.4) | (122.2) | (487.7) | (175.0) | |||||
Less noncontrolling interest in earnings of subsidiary | 0.1 | - | 0.2 | - | |||||
Net loss attributable to common shareholders | ( | ( | ( | ( | |||||
Loss per share | |||||||||
Basic | $ (1.96) | ( | $ (4.64) | ( | |||||
Shares | 105.2 | 104.6 | 105.1 | 104.5 | |||||
Diluted | $ (1.96) | ( | $ (4.64) | ( | |||||
Shares | 105.2 | 104.6 | 105.1 | 104.5 | |||||
Dividends declared per common share |
Spirit AeroSystems Holdings, Inc. | ||||
Condensed Consolidated Balance Sheets | ||||
(unaudited) | ||||
June 29, 2023 | December 31, 2022 | |||
($ in millions) | ||||
Assets | ||||
Cash and cash equivalents | ||||
Restricted cash | 0.2 | 0.2 | ||
Accounts receivable, net | 499.5 | 489.5 | ||
Contract assets, short-term | 580.8 | 501.0 | ||
Inventory, net | 1,636.3 | 1,470.7 | ||
Other current assets | 48.8 | 38.3 | ||
Total current assets | 3,291.3 | 3,158.3 | ||
Property, plant and equipment, net | 2,124.8 | 2,205.9 | ||
Intangible assets, net | 203.8 | 211.4 | ||
Goodwill | 631.2 | 630.5 | ||
Right of use assets | 90.5 | 94.3 | ||
Contract assets, long-term | 16.6 | 1.2 | ||
Pension assets | 27.3 | 196.9 | ||
Restricted plan assets | 60.9 | 71.1 | ||
Deferred income taxes | 0.3 | 4.8 | ||
Other assets | 98.5 | 91.8 | ||
Total assets | ||||
Liabilities | ||||
Accounts payable | ||||
Accrued expenses | 408.2 | 411.7 | ||
Profit sharing | 13.7 | 40.5 | ||
Current portion of long-term debt | 56.0 | 53.7 | ||
Operating lease liabilities, short-term | 8.3 | 8.3 | ||
Advance payments, short-term | 30.6 | 24.9 | ||
Contract liabilities, short-term | 132.7 | 111.1 | ||
Forward loss provision, short-term | 331.4 | 305.9 | ||
Deferred revenue and other deferred credits, short-term | 47.0 | 21.7 | ||
Other current liabilities | 183.5 | 54.9 | ||
Total current liabilities | 2,185.8 | 1,952.5 | ||
Long-term debt | 3,814.9 | 3,814.9 | ||
Operating lease liabilities, long-term | 83.0 | 85.4 | ||
Advance payments, long-term | 236.4 | 199.9 | ||
Pension/OPEB obligation | 23.1 | 25.2 | ||
Contract liabilities, long-term | 216.7 | 245.3 | ||
Forward loss provision, long-term | 311.4 | 369.2 | ||
Deferred revenue and other deferred credits, long-term | 46.1 | 49.0 | ||
Deferred grant income liability - non-current | 26.4 | 25.7 | ||
Deferred income taxes | 3.8 | 1.3 | ||
Other non-current liabilities | 226.5 | 141.6 | ||
Stockholders' Equity | ||||
Common stock, Class A par value 105,288,894 and 105,252,421 shares issued and outstanding, respectively | 1.1 | 1.1 | ||
Additional paid-in capital | 1,196.1 | 1,179.5 | ||
Accumulated other comprehensive loss | (117.9) | (203.9) | ||
Retained earnings | 745.0 | 1,232.5 | ||
Treasury stock, at cost (41,587,480 shares each period) | (2,456.7) | (2,456.7) | ||
Total stockholders' equity | (632.4) | (247.5) | ||
Noncontrolling interest | 3.5 | 3.7 | ||
Total equity | (628.9) | (243.8) | ||
Total liabilities and equity |
Spirit AeroSystems Holdings, Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(unaudited) | ||||
For the Six Months Ended | ||||
June 29, 2023 | June 30, 2022 | |||
($ in millions) | ||||
Operating activities | ||||
Net loss | ( | ( | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization expense | 157.7 | 169.0 | ||
Amortization of deferred financing fees | 3.5 | 3.7 | ||
Accretion of customer supply agreement | 1.2 | 1.3 | ||
Employee stock compensation expense | 19.8 | 18.3 | ||
Loss from derivative instruments | 2.1 | 4.0 | ||
Loss (gain) from foreign currency transactions | 8.5 | (25.7) | ||
Loss on disposition of assets | 0.3 | 1.6 | ||
Deferred taxes | (11.5) | (13.6) | ||
Pension and other post-retirement plans expense (income) | 62.6 | (39.7) | ||
Grant liability amortization | (0.6) | (0.7) | ||
Equity in net loss of affiliates | 0.2 | 0.9 | ||
Forward loss provision | (32.5) | (53.4) | ||
Gain on settlement of financial instrument | (0.9) | (21.0) | ||
Change in fair value of acquisition consideration and settlement | (2.4) | - | ||
Changes in assets and liabilities | ||||
Accounts receivable, net | (17.1) | (124.7) | ||
Contract assets | (92.7) | (44.5) | ||
Inventory, net | (161.4) | 13.9 | ||
Accounts payable and accrued liabilities | 88.8 | 105.5 | ||
Profit sharing/deferred compensation | (26.9) | (43.7) | ||
Advance payments | 41.1 | (65.7) | ||
Income taxes receivable/payable | 7.2 | 12.1 | ||
Contract liabilities | (7.3) | (26.5) | ||
Pension plans employer contributions | 178.4 | 23.0 | ||
Deferred revenue and other deferred credits | 21.7 | (38.8) | ||
Other | 18.9 | (12.0) | ||
Net cash used in operating activities | ( | ( | ||
Investing activities | ||||
Purchase of property, plant and equipment | (51.3) | (45.2) | ||
Other | - | (2.2) | ||
Net cash used in investing activities | ( | ( | ||
Financing activities | ||||
Borrowings under revolving credit facility | 1.6 | - | ||
Payment of principal - settlement of financial instrument | - | (289.5) | ||
Customer financing | 180.0 | - | ||
Principal payments of debt | (31.2) | (22.5) | ||
Payments on term loan | (1.5) | (3.0) | ||
Taxes paid related to net share settlement awards | (5.9) | (6.5) | ||
Proceeds from issuance of ESPP stock | 2.6 | 1.9 | ||
Debt issuance and financing costs | (0.5) | - | ||
Dividends paid | - | (2.2) | ||
Net cash provided by (used in) financing activities | ( | |||
Effect of exchange rate changes on cash and cash equivalents | 4.8 | (7.6) | ||
Net decrease in cash, cash equivalents and restricted cash for the period | ( | ( | ||
Cash, cash equivalents, and restricted cash, beginning of the period | 678.4 | 1,498.4 | ||
Cash, cash equivalents, and restricted cash, end of the period | ||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | June 29, 2023 | June 30, 2022 | ||
Cash and cash equivalents, beginning of the period | ||||
Restricted cash, short-term, beginning of the period | 0.2 | 0.3 | ||
Restricted cash, long-term, beginning of the period | 19.6 | 19.5 | ||
Cash, cash equivalents, and restricted cash, beginning of the period | ||||
Cash and cash equivalents, end of the period | ||||
Restricted cash, short-term, end of the period | 0.2 | 0.2 | ||
Restricted cash, long-term, end of the period | 22.1 | 19.5 | ||
Cash, cash equivalents, and restricted cash, end of the period |
Appendix
In addition to reporting our financial information using
Adjusted Diluted (Loss) Earnings Per Share. To provide additional transparency, we have disclosed non-GAAP adjusted diluted (loss) earnings per share (Adjusted EPS). This metric excludes various items that are not considered to be directly related to our operating performance. Management uses Adjusted EPS as a measure of business performance, and we believe this information is useful in providing period-to-period comparisons of our results. The most comparable GAAP measure is diluted earnings (loss) per share.
Free Cash Flow. Free Cash Flow is defined as GAAP cash provided by (used in) operating activities (also referred to herein as "cash from operations"), less capital expenditures for property, plant and equipment. Management believes Free Cash Flow provides investors with an important perspective on the cash available for stockholders, debt repayments including capital leases, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. Free Cash Flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures. The most comparable GAAP measure is cash provided by (used in) operating activities. Management uses Free Cash Flow as a measure to assess both business performance and overall liquidity.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
Adjusted EPS | |||||||||
Three months ended | Six months ended | ||||||||
June 29, 2023 | June 30, 2022 | June 29, 2023 | June 30, 2022 | ||||||
GAAP Diluted Loss Per Share | ( | ( | ( | ( | |||||
Deferred Tax Asset Valuation Allowance | 0.50 | a | (0.11) | a | 1.01 | a | 0.43 | a | |
Investment Agreement Settlement Gain | - | (0.18) | b | - | (0.13) | b | |||
Losses related to Russia Sanctions | - | 0.25 | c | - | 0.18 | c | |||
Pension Termination Charges | - | - | 0.48 | d | - | ||||
Adjusted Diluted (Loss) Earnings Per Share | ( | ( | ( | ( | |||||
Diluted Shares (in millions) | 105.2 | 104.6 | 105.1 | 104.5 |
a | Represents the deferred tax asset valuation allowance (included in Income tax provision) | ||||||||
b | Represents the settlement gain resulting from the settlement of the repayable investment agreement with the | ||||||||
c | Represents the impairment charges and reserve adjustments related to the suspension of all sales and service activities relating to sanctioned Russian business activities. These losses are directly attributable to the sanctions, incremental to similar costs (or income) incurred for reasons other than the sanctions and are not expected to recur, and therefore, are not indicative of Spirit's ongoing operational performance (primarily included in Cost of Sales) | ||||||||
d | Represents the non-cash charges related to the termination of the |
Free Cash Flow | |||||||
($ in millions) | |||||||
Three months ended | Six months ended | ||||||
June 29, 2023 | June 30, 2022 | June 29, 2023 | June 30, 2022 | ||||
Cash Used in Operations | ( | ( | ( | ( | |||
Capital Expenditures | (28) | (18) | (51) | (45) | |||
Free Cash Flow | ( | ( | ( | ( |
* Non-GAAP financial measure, see Appendix for reconciliation |
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SOURCE Spirit AeroSystems
FAQ
What were Spirit AeroSystems Q2 2023 revenues?
What was the impact of the IAM contract negotiations and rework of the vertical fin attach fittings on Spirit AeroSystems?