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Spirit AeroSystems revenue and profit bounce back in 4Q2009

5-Feb-2010 11:30 AM

Spirit AeroSystems revenue soar 66.8% - financial highlights:

  • Three months ended 31-Dec-2009:
    • Revenue: USD1,078 million, +66.8%* year-on-year;
      • Fuselage Systems: USD506 million, +75.6%;
      • Propulsion Systems: USD257.9 million, +53.0%;
      • Wing Systems: USD311.5 million, +71.1%;
    • Operating profit: USD85 million, +201.1%;
    • Segment operating profit: USD116.6 million, +89.6%;
      • Fuselage Systems: USD58.2 million, +78.5%;
      • Propulsion Systems: USD25.4 million, +19.2%;
      • Wing Systems: USD33.4 million, +351.4%;
    • Net profit: USD50 million, +153%;
  • 12 months ended 31-Dec-2009:
    • Revenue: USD4,079 million, +8%;
      • Fuselage Systems: USD2,004 million, +13.9%;
      • Propulsion Systems: USD1,030 million, -0.2%;
      • Wing Systems: USD1,024 million, +7.2%;
    • Operating profit: USD303 million, -25%;
    • Segment operating profit; USD429.5 million, -21.9%;
      • Fuselage Systems: USD287.6 million, stable;
      • Propulsion Systems: USD122.6 million, -24.4%;
      • Wing Systems: USD20.7 million, -79.2%;
    • Net profit: USD192 million, -28%;
    • Deliveries: 1,029, +5.2%;

*The jump in revenue was due primarily to the recovery from the Machinists’ strike at Boeing, which negatively impacted 4Q2008 deliveries.

Spirit AeroSystems: “For Spirit, 2009 financial results were disappointing. In a year marked by continued strong demand for our core products and by important milestones, the company’s profitability was well below our expectations. During the year we encountered challenges on new programs and faced cost pressures on our core programs as we recovered from the IAM strike at Boeing early in the year and began transitioning resources between programs late in the year…The long-term outlook for commercial aerospace remains attractive,” Jeff Turner, President & CEO. Source: Spirit AeroSystems, 04-Feb-2010.