Spirit AeroSystems sees revenue, income gains in 2010

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.

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.