Spirit Aerosystems beats expectations in third quarter

By: Wichita Business Journal Email
By: Wichita Business Journal Email

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WICHITA, KS Spirit AeroSystems Inc. on Friday announced a third-quarter profit of $94 million, well up from the $134 million net income loss the company posted in the third quarter of last year.

That translated to earnings per share of $0.65, up from a loss of of $0.94 year over year, which topped analyst estimates of $0.60 for the quarter.

Revenues rose from $1.37 billion to $1.5 billion during the same period.

The third quarter of 2012 was affected by a $590 million pre-tax charge the company took as it struggled with development programs related to work on Gulfstream business jets and the Boeing Co.'s 787 Dreamliner.

Spirit's backlog at the end of the third quarter of 2013 was $38 billion.

The company also updated its contract profitability in the same period, reflecting a pre-tax $28 million, or 12 cents per share, cumulative catch-up that it said were related to efficiency gains on mature programs.

At the same time, it reported a pre-tax charge of $124 million, related primarily to work on the Airbus A350 XWB program.

Deliveries rose from 311 to 338 year over year

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