Spirit AeroSystems (NYSE: SPR) reported Q1 EPS of ($1.22), $0.36 worse than the analyst estimate of ($0.86). Revenue for the quarter came in at $901 million versus the consensus estimate of $901.12 million.

• Delivered 269 shipsets, compared to 324 in Q1 2020 including 29 737 MAX shipsets in Q1 2021 compared to 18 in Q1 2020; expect to deliver about 160 737 MAX shipsets in 2021
• $901 million in Q1 2021 revenue, compared to $1,077 million in Q1 2020
• Cash used in operations of $(170) million and free cash flow* of $(198) million in Q1 2021 compared to cash used in operations of $(331) million and free cash flow* of $(362) million in Q1 2020
• Full-year 2021 cash used in operations is expected to be between $(50) to $(150) million; full-year 2021 free cash flow* is expected to be between $(200) and $(300) million
• EPS of $(1.65) in Q1 2021 compared to $(1.57) in Q1 2020; Adjusted EPS* of $(1.22) in Q1 2021 compared to $(0.79) in Q1 2020
• Prepaid $300 million of floating rate notes in February 2021

"A year ago we were grappling with unprecedented disruption and uncertainty," said Tom Gentile, Spirit AeroSystems President and Chief Executive Officer. "The recovery this year is underway but slower than expected, particularly for international air travel, which is creating headwinds for the widebody programs. We intend to use our excess widebody production capacity to pursue defense program opportunities. While a broader air traffic recovery will continue to take some time, we are encouraged by improving domestic air travel, which is primarily served by narrowbody aircraft. We believe Spirit is well positioned to benefit from this improvement given about 85% of our backlog consists of narrowbody aircraft. We are increasing 737 MAX production rates in line with Boeing's objective of 31 aircraft per month in 2022, and have started bringing back employees to support our factories."

"Over the past few months, we have also been performing ongoing 787 engineering analysis and rework to support Boeing's resumption of deliveries in the first quarter of 2021 which has resulted in a forward loss," said Gentile. "We are pleased to see that Boeing resumed 787 deliveries in the first quarter."

For earnings history and earnings-related data on Spirit AeroSystems (SPR) click here.