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 April 18, 2014

Business: Lockheed to Lose 17 F-35s Under Automatic Pentagon Cuts - Pentagon will cut 17 of the 343 F-35 fighters it planned to buy from Lockheed Martin in fiscal 2016 through 2019 unless Congress repeals automatic budget cuts, according to a new Defense Department report. DOD looking for ways not to break MH-60R helo deal - The...
 
 

News Briefs April 18, 2013

U.S. military deaths in Afghanistan at 2,177 As of April 15, 2014, at least 2,177 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. At least 1,802 military service members have died in Afghanistan as a result...
 
 
LM-F35-hours

F-35 fleet surpasses 15,000 flying hours

The Lockheed Martin F-35 Lightning II fleet recently surpassed 15,000 flight hours, marking a major milestone for the program.  “Flying 15,000 hours itself demonstrates that the program is maturing, but what I think is e...
 

 
nasa-cassini

NASA Cassini images may reveal birth of new Saturn moon

NASA’s Cassini spacecraft has documented the formation of a small icy object within the rings of Saturn that may be a new moon, and may also provide clues to the formation of the planet’s known moons. Images taken w...
 
 

NASA completes LADEE mission with planned impact on Moon’s surface

Ground controllers at NASA’s Ames Research Center in Moffett Field, Calif., have confirmed that NASA’s Lunar Atmosphere and Dust Environment Explorer spacecraft impacted the surface of the moon, as planned, between 9:30 and 10:22 p.m., PDT, April 17. LADEE lacked fuel to maintain a long-term lunar orbit or continue science operations and was intentionally sent...
 
 
Photograph courtesy of NASA Ames/SETI Institute/JPL-Caltech

NASA’s Kepler telescope discovers first Earth-size planet in ‘habitable zone’

Photograph courtesy of NASA Ames/SETI Institute/JPL-Caltech Kepler-186f resides in the Kepler-186 system about 500 light-years from Earth in the constellation Cygnus. The system is also home to four inner planets, seen lined up...
 




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>