Spirit Aerosystem’s revenue down 57% in 2020

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Spirit Aerosystems Logo(KWCH)
Published: Feb. 23, 2021 at 7:26 AM CST
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WICHITA, Kan. (KWCH) - Spirit Aerosystem’s revenue was down 57% in 2020 compared to 2019, according to its earnings report.

It was down 55% in its fourth-quarter last year compared to the same quarter the year before.

Spirit said the massive drop is because of significant cuts in production of the Boeing 737 MAX due to the program’s grounding and the COVID-19 pandemic.

As a result, Spirit also said it cut 8,000 jobs last year. They also said they ended the year with a cash balance of $1.9 billion.

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