By Connor Hart
Spirit AeroSystems Holdings' management expects to make a going concern disclosure in its 2024 Form 10-K annual filing with the Securities and Exchange Commission, anticipating to conclude that there is substantial doubt about its ability to continue due to its cash flow and liquidity position.
The forecast comes as the fuselage supplier swung to a loss and posted lower revenue in its preliminary fourth-quarter results.
Formed by a spinoff from Boeing in 2005, Spirit AeroSystems projected a gross loss of $413 million for the quarter ended Dec. 31, compared with a gross profit of $291 million a year earlier. Revenue is expected to fall 8.3% to $1.66 billion.
Analysts surveyed by FactSet were expecting a net loss of $168.4 million, as well as revenue of $1.52 billion.
For the year, the company said it expects to record a net loss of $2.1 billion on revenue of $6.33 billion, compared with analyst views for a loss of $1.61 billion on revenue of $6.18 billion.
Boeing in November agreed to pay Spirit AeroSystems up to $350 million in advance to keep producing products for it as the fuselage supplier works through a liquidity crunch. This came after the beleaguered jet maker agreed to buy Spirit in July, in an all-stock transaction valued at about $4.7 billion.
The transaction is on track to close in mid-2025, Spirit said Monday.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 10, 2025 09:15 ET (14:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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