Spirit AeroSystems (NYSE: SPR) reported Q4 EPS of ($1.31), $0.46 worse than the analyst estimate of ($0.85). Revenue for the quarter came in at $877 million versus the consensus estimate of $894.79 million.

• Completed acquisition of select assets of Bombardier to diversify Spirit's business
• Raised $2.1 billion of senior secured debt and terminated 2018 credit facility during the year; Paid off $1.2 billion in debt during the year; Ended year with cash balance of $1.9 billion
• Reduced commercial aviation employees by 8,000 and cut annualized costs of $1 billion to align to lower rates of production

"2020 was one of the most challenging years in aviation history. For Spirit, the 737 MAX grounding and the COVID-19 pandemic created a dual-crisis. Our response focused on five critical actions: protecting employees, restructuring our cost base, strengthening our liquidity, implementing productivity projects, and diversifying the business with our planned acquisitions," said Tom Gentile, Spirit AeroSystems President and Chief Executive Officer. "With these actions, we worked to stabilize our liquidity and ended the year with $1.9 billion in cash while positioning Spirit to continue playing a leadership role in the aviation industry."

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