Thursday, May 3, 2012
Aerospace supplier Spirit AeroSystems Holdings Inc. said on Thursday that its first-quarter profit doubled as production sped up for Boeing Co. 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.