Spirit AeroSystems posts higher profits; plans review of all development programs

05/02/2013 10:01 AM

08/08/2014 10:16 AM

Spirit AeroSystems has suspended its financial guidance for 2013 as it engages in a comprehensive review of all of its development programs under way in Wichita, Tulsa, Kinston, N.C., and St. Nazaire, France, the company said Thursday.

The review is one of Spirit’s new CEO and president Larry Lawson’s first initiatives.

Lawson joined the company three weeks ago.

The undertaking will be a strategic and finance review, he said.

“We’re looking at all aspects of the business, and we’re not leaving any element of it untouched,” Lawson said on a conference call with analysts about the company’s first quarter results. “We’re going to focus on creating value to Spirit.”

Spirit AeroSystems recorded increases in revenue and net income for the first quarter of the year, driven by continued strong demand for large commercial aircraft and strong performance from core programs, the company said.

Spirit recorded $1.44 billion in revenue for the quarter that ended in March, up 14 percent from $1.27 billion for the same period a year ago.

The increase is due to higher production volumes and mix of models.

Net income totaled $81 million, or 57 cents per diluted share, compared to $74 million, or 52 cents per diluted share, for the same time a year ago.

“As the first quarter demonstrates, Spirit’s performance across core programs remains strong, with large commercial aircraft deliveries increasing 9 percent and deliveries across all programs increasing 11 percent over the first quarter of 2012,” Lawson said in a statement issued before the conference call. “With the strong core business performance, and development programs in early production phases, now is the time to engage in a comprehensive evaluation of the development programs in Tulsa, Wichita, Kinston and St. Nazaire.”

Spirit’s backlog at the end of the quarter was about $36 billion.

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