Spirit revenues down but earnings up for second quarter

Spirit AeroSystems' revenue was down slightly for the second quarter, but net income increased significantly, the company said today.

Second quarter earnings were $1.056 billion, down from $1.060 billion for the same period in 2009. Net income for the quarter was $55 million compared with a loss of $10 million for the same period in 2009.

Second quarter pre-tax earnings were reduced by about $19 million, or 10 cents a share, due to the award of stock to eligible union employees as part of the new 10-year agreement with Spirit's largest labor union, the International Association of Machinists and Aerospace Workers.

"We generated solid operating performance across the company," President and CEO Jeff Turner said in a statement. "With our core businesses executing well, continued progress on our development programs, and our team for the future intact, we have the positive momentum needed to fulfill our long-term value creation strategy."

The company's backlog totaled $27.2 billion at the end of the second quarter, down about 3 percent, as deliveries in the quarter exceeded orders, the company said.