Spirit net income rises in Q2
Spirit AeroSystems Inc. reported Tuesday that net income in the second quarter rose to $55 million, compared to the $8 million loss in net income the company reported in the second quarter of 2009.
Revenues at the Wichita-based aircraft supplier dipped slightly year over year, down to $1.056 billion from $1.06 billion
Earnings per share rose to 39 cents compared to the earnings per share loss of 6 cents reported in the second quarter of 2009.
The company attributed its second quarter losses in 2009 to the strike by the International Association of Machinists and Aerospace Workers the previous fall, the implementation of new data systems and the cancellation of Textron Inc.’s (NYSE:TXT) Cessna Columbus project.
Spirit (NYSE: SPR) had been developing the fuselage for the Columbus.
Total deliveries at Spirit dropped by 12 year over year, down to 250.
The company’s backlog was down 3 percent to $27.2 billion and its 2010 guidance remained unchanged with estimated revenues of between $4 billion and $4.2 billion.
Spirit said its second quarter results included the stock awarded to eligible employees as part of the company’s 10-year labor contract with the IAMAW.
“We generated solid operating performance across the company,” Jeff Turner, Spirit president and CEO said in a news release. “With our core businesses executing well, continued progress on our development programs, and our team for the future intact, we have the positive momentum needed to fulfill our long-term value- creation strategy.”
Turner says demand for Spirit products is growing.
“While certain segments of the business jet market are still a concern and several significant development milestones are ahead of us, our priority will continue to be on solid execution as we deliver on our customer commitments to ensure we meet our company’s potential,” he said.
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