Business

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.


 
 

 

Headlines October 22, 2014

News: Northrop challenges 3DELRR contract award - Northrop Grumman has formally issued a protest against the US Air Force’s decision to award its next-generation ground based radar to competitor Raytheon.   Business: Defense firms prefer GOP, but spread campaign cash between political parties - For every campaign contribution from a major arms manufacturer to a Republican candidate...
 
 

News Briefs October 22, 2014

Military converges on scene of Kansas jet crash Military personnel are investigating at the site in southeast Kansas where an Oklahoma Air National Guard fighter jet crashed after a midair collision with another one during a training exercise. The F-16 crashed Oct. 20 in a pasture about three miles northeast of Moline, an Elk County...
 
 
Courtesy photograph

Upgrades ‘new normal’ for armor in uncertain budget environment

Courtesy photograph The current Paladin is severely under-powered and overweight so its speed of cross-country mobility is pretty restricted. The Paladin Integrated Management program is designed to address a number of these we...
 

 

ISR: A critical capability for 21st century warfare

The progressive adaptations and breakthroughs made in the intelligence, surveillance and reconnaissance arena have changed the way wars are fought, and the way commanders think about the battlespace. “Whether we have airmen exploiting full motion video data or serving downrange in the (Central Command) area of responsibility, these individuals make up an enterprise of 30,000...
 
 

Lockheed Martin teams with Roketsan of Turkey on new standoff missile for F-35

Roketsan and Lockheed Martin signed a teaming agreement Oct. 22 for collaboration on the SOM-J, a new generation air-to-surface Standoff Cruise Missile for the F-35 Lightning II. The SOM system is an autonomous, long-range, low-observable, all-weather, precision air-to-surface cruise missile. The SOM-J variant is tailored for internal carriage on the F-35 aircraft. The companies will...
 
 

Army Operating Concept expands definition of combined arms

The Army Operating Concept, published Oct. 7, expands the idea of joint combined-arms operations to include intergovernmental and special operations capabilities, said Gen. Herbert R. McMaster Jr. The new concept includes prevention and shaping operations at the strategic level across domains that include maritime, air, space and cyberspace, he said. It’s a “shift in emphasis,”...
 




0 Comments


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=""> <strike> <strong>