Spirit Releases Fourth Quarter Results

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A new financial report from Spirit Aerosystems shows revenue fell $100 million from 2007 to 2008.

The company reports it earned $3.8 billion in revenue for the entire year, with an operating income of $406 million. Revenues are down from 2007, when the company earned $3.9 billion.

Net income for the fourth quarter of 2008 was $20 million. The company says that and full-year 2008 benefited from federal research and experimentation in tax credit's retroactive extension. The company says that reduce fourth quarter 2008 tax expenses by $8 million.

The company's backlog is also on the rise. The company reports that increased 20 percent to approximately $32 billion from 2007.

Watch for updates to this story later today.

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