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Spirit AeroSystems revenue up 18%, profits down in 1Q2010

30-Apr-2010 12:08 PM

Spirit AeroSystems revenue up 18% - financial highlights for the three months ended 31-Mar-2010:

  • Revenues: USD1,043 million, +18% year-on-year;
    • Fuselage Systems: USD516.2 million, +20%;
    • Propulsion Systems: USD274.4 million, +21%;
    • Wing Systems: USD248.9 million, +12.7%;
  • Operating profit: USD93 million, -5%;
  • Segment operating profit: USD128.7 million, +4%;
    • Fuselage Systems: USD78.9 million, +1.3%;
    • Propulsion Systems: USD33.6 million, -13.2%;
    • Wing Systems: USD18.9 million, -3.1%;
  • Net profit; USD56 million, -11%;
  • Aircraft deliveries: 259;
  • Backlog: USD28,000 million. [more]

Spirit AeroSystems: “As for the outlook of the commercial aerospace market, the down-cycle hasn’t materialized for large commercial aircraft and the market appears to be firming-up. With these changing dynamics, the long-term prospects for Spirit are improving as we have strategically partnered with world-class customers on the next generation of large commercial, business and regional jets. Because this product foundation is solid and the global economic outlook shows improvement, we are becoming more optimistic regarding the outlook for the commercial aerospace market. However, we remain concerned about certain segments of the business jet market. Our backlog remains strong and our strategy squarely focused on being the market leader in terms of total value creation for customers, employees, and shareholders over the long-term,” Jeff Turner, President and CEO. Source: Spirit AeroSystems, 29-Apr-2010.