WICHITA — Spirit AeroSystems said it had 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 in the same period.
But for 2009, revenue increased just 8 percent to $4.07 billion and it recorded $192 million in net income, a 28 percent decline.
Financial results for the year were disappointing, Jeff Turner, Spirit CEO, said in a news release today.
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"During the year we encountered challenges on new programs and faced cost pressures on our core programs as we recovered from the IAM strike at Boeing early in the year and began transitioning resources between programs late in the year," Turner said.
Still, the core business continues to perform and progress was made on development programs, he said.
At the end of 2009, Spirit's backlog totaled $28 billion, down 12 percent from a year ago.
Spirit's 2010 outlook projects revenues 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.
The forecast also includes other production activity and other customers and foreign exchange rates consistent with fourth quarter 2009 levels, it said.
For more on Spirit's financialresults, come back to Kansas.com and look in Friday's Eagle.