Spirit AeroSystems Holdings Q1 2014 revenues up from prior year quarter

5 May 2014

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) said its first quarter 2014 revenues were USD1.7bn, up from USD1.4bn for the same period of 2013 on higher production volumes and four additional workdays in the quarter.

Operating income was USD194m, up from USD145m for the same period in 2013, driven by increased volume and favorable cumulative catch-up adjustments on mature programs.

Net income for the quarter was USD154m, or USD1.07 per fully diluted share, compared to net income of USD81m, or USD0.57 per fully diluted share, in the same period of 2013. The increase in current quarter income includes tax benefits from the Malaysian tax holiday and the partial release of the deferred tax valuation allowance, which were partially offset by the cost of the previously announced debt refinancing.

Spirit AeroSystems Holdings, through its subsidiaries, operates as a non-original equipment manufacturer that designs and manufactures commercial aerostructures worldwide. It operates in three segments: fuselage systems, propulsion systems, and wing systems. The company is headquartered in Wichita, Kansas and is a subsidiary of Onex Corporation. Its website is at http://www.spiritaero.com.

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