Spirit reports higher revenue, lower net income

Spirit AeroSystems recorded first quarter revenue of $1.04 billion, up 18 percent from $887 million a year ago.

Net income totaled $56 million, down 11 percent from $63 million a year ago.

Spirit stock fell $1.04 a share in mid-morning trading to $22.36 on the results.

The company has delivered the fourth wing for the Gulfstream G250 program, shipped the fifth Gulfstream G650 wing, inlet and thrust reverser units and continue to support the respective flight test activities.

Spirit also said it is making progress on the 787 program "as we begin to flow in the early stages of low-rate production," Spirit CEO Jeff Turner said in a release.

Spirit's backlog t the end of the first quarter remained stable form the previous quarter at $28 billion.