May 4, 2012

Spirit AeroSystems says first-quarter profit doubled

Aerospace supplier Spirit AeroSystems Holdings Inc. said May 3 that its first-quarter profit doubled as production sped up for Boeing and Airbus planes.

Spirit reported net income of $73.6 million, or 52 cents per share, for the quarter that ended March 31. That was up from $34.6 million, or 24 cents per share, during the same period last year. Revenue rose 21 percent to $1.27 billion from $1.05 billion a year ago. Spirit said it recognized accounting losses of 6 cents per share on two different planes.

Analysts surveyed by FactSet had been expecting a profit of 50 cents per share on revenue of $1.26 billion.

Spirit delivered sections for 303 planes during the quarter, including 146 for Boeing and 145 for Airbus. That was up from 261 during the same period last year, which included 124 for Boeing and 127 for Airbus.

Spirit makes the front section of Boeing’s new 787, and it said it delivered eight of those during the quarter. It also delivered the first center fuselage section for the new Airbus A350 XWB during the quarter. Spirit said it got a $150 million advance for A350 work. If not for that advanced, it would have used $138 million of cash during the quarter.

Spirit endured major tornado damage during a storm in Wichita on April 14 that forced it to suspend production for eight days. Spirit left its full-year revenue and earnings guidance unchanged, but said it is still assessing what the tornado’s impact will be on its finances, and said it would update financial guidance when it reports second-quarter results. AP


All of this week's top headlines to your email every Friday.



Airbus owner EADS ups targets, delays A350

Airbus parent company EADS NV July 27 announced a further delay to its new A350 aircraft as it reported second-quarter earnings that almost quadrupled from a year ago. Net profit at the Leiden, Netherlands-based European Aeronautic Defence & Space Company was $567 million, up from $148 million in the same period a year ago. Sales...
Courtesy photograph

Boeing receives 10th WGS satellite order from U.S. Air Force

Courtesy photograph The Wideband Global SATCOM satellite is the successor to the Defense Satellite Communications System-III. One WGS satellite has about 12 times the bandwidth of a DSCS-III satellite. EL SEGUNDO, Calif. –...

Lockheed Martin’s Gyrolinkâ„¢ selected for U.S. Army’s R-VOSS program

Lockheed Martin has been awarded a $21.4 million contract from the U.S. Army for its commercial GyroLinkâ„¢ system for the Remote – Vehicle Optics Sensor System program. GyroLink provides a real-time full motion video network that transmits video across military vehicles at significant distances. This allows members of a route-clearance patrol to use monitors inside...

Lockheed Martin photograph

Lockheed Martin-ARINC team bid for Air Force rapid deployment ATC radar

Lockheed Martin photograph The Lockheed Martin TPS-79 tactical surveillance radar. Industry team Lockheed Martin and ARINC has submitted its proposal for a new, transportable air traffic control radar system that will enable U....

Northrop sponsors engineering project by CSU students

Northrop Grumman photograph Sean Conant, an electrical engineering major from Cal Poly Pomona, prepares an autonomous ground vehicle to intercept a target near San Luis Obispo, Calif., during a June 2 demonstration that showcas...

Raytheon achieves delivery, operational milestones on F/A-18 avionics systems

EL SEGUNDO, Calif. – Raytheon has achieved important milestones on three F/A-18E/F related programs, highlighting the company’s ongoing, successful support of the Super Hornet aircraft. Raytheon recently delivered the 300th APG-79 active electronically scanned array radar to Boeing for integration on F/A-18E/F Super Hornets and EA-18G Growlers. Raytheon has also delivered the 600th ...


Be the first to comment!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>