Total Revenue

–9% (from $1,812.9M to $1,651.3M)

The decline in total revenue is mainly due to a significant drop in the Commercial segment (–16.6%), which outweighed strong gains in Defense & Space (+31%) and Aftermarket (+30%). This indicates that while certain programs recovered, the overall commercial production volume fell compared to Q4 2023. " " " "

Commercial Segment

–16.6% (from $1,517.1M to $1,265.1M)

The substantial decrease in commercial revenue likely reflects lower production volumes and reduced orders relative to the prior period. In Q4 2023, robust sales were achieved and that momentum was not maintained in Q4 2024, stressing the impact of market and production challenges. " "

Defense & Space

+31% (from $205.3M to $268.7M)

The significant improvement in Defense & Space revenue is driven by increased activity on key programs such as the Sikorsky CH-53K and non-recurring FLRAA revenues, suggesting that higher defense orders and favorable program activity in Q4 2024 helped offset other declines. " "

Aftermarket

+30% (from $90.5M to $117.5M)

The robust 30% growth in Aftermarket revenue is attributed to increased spare parts sales and a recovery in maintenance-related activities, underscoring a stronger post-pandemic demand compared to Q4 2023. " "

Geographic Revenue – U.S.

–6.5% (from $1,287.3M to $1,204.4M)

The modest decline in U.S. revenue reflects domestic market challenges and potential production slowdowns relative to Q4 2023. These factors indicate that, despite efforts in other segments, domestic contributions fell slightly. " "

Geographic Revenue – International

Overall –15% with UK +140% and Other International –42%

Overall international revenue dropped 15% due to a sharp decline in Other International revenue (–42% from $448.4M to $261.7M), which more than offset the dramatic surge in U.K. revenue (+140% from $77.2M to $185.2M). This contrast points to highly regionalized performance where increased demand in the U.K. could not fully counter weaker performance in other areas. " "

Profitability (Net Income)

From +$75.5M to –$630.7M

The dramatic swing in net income into a loss of $630.7M highlights rising cost pressures and unfavorable operational estimates, which reversed the profitability seen in Q4 2023. The increased costs, production challenges, and declining high-value revenue streams collectively contributed to this deep deterioration. " "

Liquidity & Equity

Cash down –35% (from $823.5M to $537.0M); Equity worsened from a deficit of $499.7M to –$2,621.5M

The decline in cash and the worsening equity position reflect heavy operational cash outflows and sustained net losses during Q4 2024. With cash dropping 35% and the equity deficit increasing dramatically, it signals that accumulated losses and lower liquidity are a continuation and worsening of trends observed in the previous period. " "