Spirit Aerosystems' Second-Quarter Profit Grows

By: KAKE News Email
By: KAKE News Email

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Thursday, August 02, 2012

A strong commercial plane performance has contributed to a rise in Spirit Aerosystems’ quarterly profit.

The Wichita-based manufacturer said net income rose to $34.9 million, or 24 cents per share, from $30.1 million, or 21 cents per share, in 2011.

"During the quarter, our large commercial aircraft deliveries increased by 12 percent over the second quarter of 2011, reflecting the strong ongoing demand for aircraft worldwide," said Jeff Turner, President and Chief Executive Officer.

However, revenue fell 9 percent to $1.34 billion, down from $1.466 billion for the same period last year.

Turner said the company has not been able to estimate damage costs after a tornado damaged the facility in April.

“We were also pleased that the Spirit team and our partners successfully restored production through extraordinary effort and teamwork after the severe weather event on April 14, minimizing the impact to our customers," Turner said.

Turner said the company is positioned to meet the demand for large aircraft in the future. Spirit is Boeing's biggest supplier of fuselages and wing parts.

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