Posted on Thu, Nov. 05, 2009

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Spirit AeroSystems net income up for the quarter, down for the year

By Eagle staff

WICHITA — Spirit AeroSystems' revenue was up 3 percent and net income was up 18 percent in the third quarter when compared with the previous year, the company reported this morning.

However, revenue is down 4 percent and net income down 42 percent for the first nine months of the year.

Spirit's revenue was $1.05 billion in the quarter, up from $1.03 billion a year ago. Net income rose to $87 million from $74 million.

For the first nine months, revenue was $3.0 billion, down from $3.1 billion. Net income dropped to $142 million from $246 million.

"While we have seen some stabilization in the global economic outlook, we remain cautious regarding the outlook of the commercial aerospace market," Jeff Turner, Spirit's president and CEO, said in a release.

In a conference call, Turner said he has been worried about whether production rates on Boeing and Airbus single-aisle, narrow-body aircraft will hold.

So far, Boeing and Airbus have been able to hold production steady. But analysts forecast rates will have to be reduced.

"We just remain cautious about it," Turner said. "We look... at a lot of different scenarios about what we need to do if we need to trim production."

Turner also said that 787 forward fuselage fabrication is expected to restart by the end of the year.

Spirit's backlog at the end of the quarter was $28.2 billion, the same as the previous quarter, the company said.

Spirit shares were trading 5.8 percent higher just before noon, up 97 cents to $17.60. Shares have traded between $7.14 and $19.28 in the past year.

For more on this story, come back to Kansas.com and look in Friday's Eagle.

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