Spirit AeroSystems swung to an $870 million loss in 2020, a year in which it slashed 8,000 commercial aerospace jobs and restructured its operations to align with markedly reduced production rates.
By comparison, the Wichita-based company turned a $530 million profit in 2019.
In the fourth quarter, the company lost $296 million, reversing a $68 million profit in the same period of 2019, the company reports on 23 February.
The 8,000 job losses represent 44% of Spirit’s 18,200-strong workforce at the end of 2019.
Spirit shrunk its operation quick in 2020 amid what chief executive Tom Gentile calls the “dual crisis” of the 737 Max grounding and Covid-19 pandemic.
Because of those factors, Spirit’s deliveries of 737 Max components plummeted to 71