Spirit AeroSystems now anticipates closing its acquisition by Boeing in the fourth quarter of this year, slightly later than previously expected, amid a second request for more information from US antitrust regulators.
The Wichita aerostructures manufacturer disclosed the new timeline on 5 August, when it also revealed losing $631 million in the three-month period ending 3 July.
As in previous quarters going back several years, Spirit’s second-quarters results were marred by charges pegged to several loss-making aerostructures programmes.
During the most recent period, Spirit logged $219 million in forward losses, including $100 million against its Airbus A220 work, $58 million against A350 work and $38 million against production of 787 components. Spirit also took a $44 million charge attributed to excess manufacturing capacity.
But Spirit’s revenue during the three-month period jumped roughly 10% year on year to $1.6 billion, and it has been delivering more components, handing over “shipsets” for 430 aircraft in the three-month period, including for 152 737s.
By comparison, Spirit delivered packages for 336 jets, including only 58 737s, in the prior-year period.
Spirit has struggled financially for several years but has been kept afloat with financial aid supplied by Airbus and Boeing, its two top customers.
On 11 July, Spirit and Airbus signed a deal under which Airbus agreed to provide Spirit another $94 million, part of a “support package”. Including that amount, Airbus has provided Spirit with $152 million in total aid.
Spirit says it has received “a request for additional information from the US Federal Trade Commission” as part of that agency’s review of antitrust implications posed by being acquired by Boeing. The deal involves Spirit divesting its Airbus work, primarily to that European manufacturer.
“The closing of the transaction is expected to occur in the fourth quarter of 2025,” Spirit says of the Boeing deal.
