WICHITA — Spirit AeroSystems saw flat revenue but higher income in the fourth quarter 2010, and higher revenue and income for the full year, the Wichita-based aircraft supplier said today.
Revenue for the quarter was $1.071 billion compared with $1.078 billion in the same quarter a year ago. Net income was $62 million compared with $50 million in fourth quarter 2009.
For the year, revenue was $4.17 billion, up from $4.07 billion in 2009. Net income was $219 million compared with $192 million.
"We executed well across the company" in 2010, Spirit CEO Jeff Turner said this morning in a conference call with analysts.
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Turner said the company is implementing plans to raise production rates "as the global market for commercial aircraft continues to improve."
"Looking ahead our company is financially strong and in a solid competitive position," he said.
Spirit's backlog at the end of the fourth quarter was $28.3 billion.
Turner and chief financial officer Phil Anderson said they were optimistic about the company's fortunes in 2011.
"This is a growth cycle in commercial aerospace and we're gearing up for it," Anderson said.