LMI Aerospace, which is closing one of its two Wichita facilities, reported lower revenue and higher net income in the third quarter of 2016.
The St. Louis-based aircraft supplier also said in its earnings news release on Monday that it has expanded its machining capacity at its plant in Fredonia, 88 miles east of Wichita.
The company earned $309,000 on revenue of $89.7 million compared with $34,000 on $95.6 million in revenue in the third quarter of 2015.
During the three-month period that ended Sept. 30, LMI said, it was awarded additional work on Boeing’s new 777X, amounting to an additional $85,000 per shipset.
“With these latest wins, LMI now has more than $135,000 of new content on this platform, and we continue to pursue other 777X opportunities,” chief executive Dan Korte said in the release.
The company is on track to close its sheet-metal fabrication plant at 2621 W. Esthner by the end of the year, which has seen its work slow down to the point it was no longer profitable to continue operating, LMI officials have said.
LMI announced plans to close the site in late June, affecting 36 employees. Five of those workers have been transferred to LMI’s larger Wichita plant at 2853 S. Hillside, a spokeswoman said Monday.
“(We) hope to place a few others before the end of the year,” LMI spokeswoman Amy Horton said.
The expansion of LMI’s Fredonia plant is for expected production rate increases in 2017. LMI didn’t specify which aircraft programs are increasing there. The expansion includes a 2,900-square-foot addition and more four- and five-axis machines, Horton said.
In addition to Boeing, LMI is a supplier to Spirit AeroSystems, Honda Aircraft, Gulfstream and Bombardier’s C Series airliner.