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.