Spirit AeroSystems Holdings reported second quarter 2008 financial results reflecting revenue and earnings growth across the company as ship set deliveries for large commercial aircraft increased and lower period expenses were realized.
Spirit’s second quarter 2008 revenues increased to $1.1 billion, up 11% from the same period last year. Operating income increased 33%t to $136 million, up from $102 million in the same period a year ago as revenues increased and research and development costs and SG&A expenses declined. Net income was $86 million, or $0.62 per fully diluted share, up 27% from $68 million, or $0.49 per fully diluted share, in the same period of 2007.
Spirit revenue guidance for the full-year 2008 remains unchanged and is expected to be approximately $4.4 billion based on 2008 Boeing delivery guidance of 475-480 aircraft, 2008 Airbus delivery guidance of approximately 470 aircraft, and internal Spirit forecasts for other products as well as revenue associated with non-recurring development work.
Fully diluted earnings per share guidance for 2008 has increased to between $2.35 and $2.45 to reflect improved performance in the first half of 2008 and current expectations for the second half of 2008.
Cash flow from operations full-year guidance is unchanged and is expected to be approximately $400 million. Capital expenditures guidance for 2008 is unchanged and is expected to be approximately $275 million
