Spirit AeroSystems expects revenues and operating performance to be better in the third quarter than they were a year ago when the company was impacted by a strike by Boeing hourly workers, which held up deliveries to Boeing.
In a filing with the Securities and Exchange Commission today, Spirit said the first two months of the third quarter were consistent with the third quarter forecast.
In the filing, Spirit said it is reaffirming its full-year 2009 guidance. The company expects 2009 revenues from $4.2 billion to $4.3 billion, and diluted earnings per share from $1.45 to $1.55 a share.
The guidance assumes the resolution of “certain outstanding non-recurring assertions” related to the Boeing 787 program and the Boeing 747-8 program. It also assumes receipt of scheduled milestone payments associated with development of Airbus’ A350 XWB program. If the payments aren’t received during the third and fourth quarters, the revenues and earnings will shift to 2010, the filing said.
In a separate filing, Spirit also said it intends to offer $300 million in the aggregate principal amount of senior notes due in 2017 in a private placement.
The company will use the net proceeds to repay borrowings under its existing senior secured revolving credit facility.