Print edition: 
Shares of Spirit AeroSystems stock plummeted Thursday after the company reported a disappointing financial performance.
Spirit's results fell short of Wall Street expectations on a day that the stock market was down in general.
Shares closed at $18.42, down $3.97, or 17.7 percent.
Spirit reported earnings and revenue growth in the fourth quarter but saw a decline for all of 2009.
Fourth-quarter revenue was $1.07 billion compared with $646 million in the same quarter a year ago. Net income also increased from $20 million to $50 million.
For 2009, revenue increased just 8 percent to $4.07 billion and Spirit recorded $192 million in net income, a 28 percent decline.
At the end of 2009, Spirit's backlog totaled $28 billion, down 12 percent from a year ago.
"Our performance has not measured up to my expectations," Spirit CEO Jeff Turner said during a webcast with analysts.
As a result of Spirit's financial performance, there won't be an incentive payout for executives, managers and salaried employees, said Spirit spokeswoman Debbie Gann.
"We didn't meet our financial targets for the year," Gann said.
The company encountered challenges on new programs and faced cost pressures on core programs, Turner said. Late in the year, it began moving resources between programs, Turner said. And its schedule recovered early last year from a Machinists' strike at Boeing.
The company took a $34 million pre-tax charge related in part to higher-than-expected costs on certain contracts and higher costs on the Sikorsky CH-53K helicopter program.
In addition, work on Gulfstream's 250 and 650 aircraft has been challenging, Turner said.
"We've suffered with some startup issues," said Turner, who added that he thinks things will "smooth out" this year.
Still, the core business continues to perform, and progress was made on development programs, he said.
Spirit also restarted fabricating nose sections for Boeing's 787 Dreamliner. Last year, it delivered 11 sections. This year, that number is expected to rise to 25 to 30.
Spirit's 2010 outlook projects revenue of $4 billion to $4.2 billion based on Boeing's projected deliveries this year of 460 to 465 aircraft, expected 787 deliveries and Airbus deliveries of 480 to 490 aircraft. Spirit makes parts for every Boeing plane and four Airbus models.
This year is pivotal for Spirit, Turner said, as the company manages production of its core aircraft business and ramps up work on development programs.
He said many of the programs will move from development into production. Four are in flight test and two more will enter flight test in 2010.
Boeing has left production rates of its popular 737 alone at 31 a month. Spirit builds the aircraft's fuselage.
Spirit remains watchful, however, of 2011 production rates on the 737 and is proceeding accordingly, said Phil Anderson, vice president and interim chief financial officer Still, he said, 2011 "looks like it's going to be a strong year as well."
Spirit is positioned to manage through uncertainty in the market, Turner said.
"I'm confident in our strategy and remain focused on returning long-term value for customers, employees and our shareholders," Turner said.
