I Thank you, Tom, good morning, everyone. is hope everybody doing and well.
to bridge a the XXXX in Domestic air Spirit rates. United as are as starting the industry. year recover, world other continue is aviation travel aircraft our well for the see of narrow-body States and commercial which for We many regions production to encouraging, especially as
cautiously this are We travel. particularly variant with and the on its COVID impact recovery, international monitoring
travel remain next years. few expect slower a continue at wide-body pace, therefore, to headwind for international We a will the air recover programs will and
are benefits of rates. increasing see of the the narrow-body we starting to As we production work through the second half year,
programs AXXX COVID-XX well were and lower revenue from let's XXX business the resulting increase due Slide our for year billion, results. the wing the the quarter X. traffic. Now air was wide-body programs. AXXX pandemic quarter Please by XX% on XX% production from second These move approximately XXXX and to impacts above as partially $X increased rates production the The increases recently on last acquired first of primarily up same Bombardier offset quarter from as the the of revenue to quarter turn XXXX. international continued was to jet and the of Revenue
the Turning quarter shipsets to compared to XXXX. deliveries. in XXX XXX of Overall deliveries same to shipsets increased
in the quarter to expect year. the during We second shipsets XXX to of have XX still XXX The quarter second compared increased deliveries year. shipsets last deliver around to delivered XX
second to same increased delivered Additionally, period shipsets deliveries XX in of to year. quarter AXXX XX compared last the
share to in allowance. per the Adjusted $X.XX plan turn charges We was XXXX. negative EPS the restructuring $X.XX in $X.XX voluntary costs, now second valuation compared $X.XX asset of of noncash Adjusted and reported tax Slide period on Let's of quarter EPS share acquisition compared costs, earnings excludes deferred to share EPS to of XXXX. retirement negative negative per X. earnings per same
Looking in have costs. cost and XXXX. COVID-XX at have the abnormal the rates, last production improvement we cost-reduction with XX% contributed improved year, actions over the of lower we quarter including and negative to capacity, negative to restructuring the margin, results expenses, compared The excess along quarter operating second and with XX% taken the increasing to in second saw
recognized million, million the engineering analysis charges forward loss program charges XXX to driven the on the In period We quarter, year. XXXX. forward same period we compared recognized same lower in forward primarily the second $XXX of and rework compared loss by $XX of also loss to last charges of
assets, tax primarily mention the changes deferred future tax of both in Belfast plan United with Additionally, to tax due voluntary of other pension the state benefit is income in of was benefit of other related XXXX the an adjusted revaluation second is do tax increase tax EPS. quarter the revaluation a absence want deferred The law a in of the corporate to retirement rate. tax valuation of XXXX. to during second This increase of approximately that there assets in adjustments to This the and expenses recognized million. quarter I $XX resulted in the resulted income impacts, and GAAP included Kingdom's related adjustments and incremental allowance. along to
Earlier reminder, of demand incur Boeing. Spirit received is item. a forward million second this to and $XX impact not quarter As XXX applied approximately incremental the allowance an to this we reduced preliminary $XX deliveries. from is is noncash our latest subsequent financial in week, a a statements. fixed Due on our loss program and to reflected valuation XXXX the production overhead of corresponding the Based the assessment, lower million the amount quarter event absorption timing, third to the of due in of volumes to expect considered
X. the negative working XXXX. increased negative to cash management. million compared improvement flow is free due actions, to turning primarily year-over-year Now cost-reduction on million volume the for same favorable $XX flow quarter and production -- cash period was to of $XXX capital negative This in Free Slide
operations from compared the of The also of first quarter million an as to quarter 'XX. second reflect improvement cash $XXX
payments million. interest was million quarter, $XX operations of positive from during second $XX cash the cash Excluding the made approximately
the We of be year as negative continue to expect expect for $XXX additional increase. XXX single-aisle the cash to million. the rates second the Despite of million improve we production free flow this to challenge to continue and between year program, half $XXX
debt and ended and of narrow-body Slide We X. our track in the quarter The result flows billion rate to turn our be In remain of X now $X.X we next $X second we in global billion period-to-period. production could of $XXX February, debt. to on and recoveries. air notes will floating COVID-XX billion cash cash the Let's the cadence cash rate and pandemic with with repay traffic years. early, recovery fluctuations million on the in during from from $X.X timing paid line The in debt balances
of XXX X% losses partially lower Despite program, turn operating fuselage In the primarily were million production XXX, the forward XXXX, compared of compared the was production costs million XX% higher $XXX offset during was the of for program. due net by compared AXXX a the in disposal AXXX XXXX. and main compared let's the quarter and forward due the negative of primarily of wing to to The in XX%. segment segment quarter, improved by catch-up profitability. the negative decrease XX% same to programs in performance our in the revenue production resulting Operating program the on to of favorable loss increased was the on the quarter to XX% contributors X. is to excess to profitability due to of year, offset due same closing, losses margin program. decreased million segment $XXX recorded and segment AXXX primarily and adjustments in up higher production losses. of quarter second losses. same In XXX XX% excess The million should are costs forward revenue to as loss in of decrease primarily negative create adjustments partially the increase XXX favorable production XXX $X forward the The negative in quarter quarter and improved margin the the to year drivers segment production of increased the anticipate volumes well as environment, million, improvement period business in air the into cumulative cumulative continue XXX on million second forward XX% million, $X XXXX, revenues volumes X% XXXX. for as the $XXX increases program. the as segment were the in The losses volumes quarter main XXX a we narrow-body rates encouraged period This negative positive period the traffic to charges. by the well $X the were volumes quarter, charges compared to were and of the Increased of positive recorded Bombardier net on segment same the $X in increase. $XX margin million. recovery compared on the in as the volume less of for sales, net period half on volume less Increasing capacity XXX margin High well demand. and Now jet Slide going as to primarily less resulting recorded on rates to aftermarket operating prior challenging revenue to the XXXX. up catch-up through same narrow-body domestic of to XXXX. We result second momentum Operating absence performance capacity the as Propulsion forward the also fuselage and production
see pleased diversification progress cost potential. efforts. acquisitions and top of made are the working remain and Cash our working jet we so are our team, our flows and growth far to drive for actively diversification on on initiatives. expanding our our capital we execution and to the defense a business Integrating Additionally, long-term aftermarket continue priority
are remaining closing turn also recovery are XXX in it comments. aerospace the to that, And needed to we return over pandemic. MAX domestic COVID-XX We the back the service. With I'll regulatory some by Tom approvals from the for for addition, monitoring encouraged
