Vought Aircraft Industries reported financial results for its first quarter ended March 29, 2009, with solid execution across all of its operations. Revenue of $402.6 million for the quarter was slightly lower than last year primarily driven by the transition from the Boeing 747-400 model to the new Boeing 747-8 model. Operating income and net income were lower than the first quarter last year primarily due to a one-time non-cash item recorded in 2008 to release purchase accounting reserves related to ending production of the Boeing 747-400 model. Excluding that 2008 one-time item, operating income and net income for the first quarter 2009 were $10.5 million and $11.8 million higher, respectively, than last year.
Commercial revenue decreased by $34.4 million or 16%, primarily from decreased sales for the Boeing 747 program due to the transition to the new 747-8 model.
Military revenue increased $8.3 million or 6%, primarily due to increased deliveries on the H-60 and timing of deliveries for the C-17 program.
Business jet revenue increased $3.3 million or 5%, primarily due to timing of deliveries to Gulfstream and increased non-recurring revenue on the Cessna Citation Columbus Model 850 program.
Funded backlog increased 4% to $4.0 billion at the end of the quarter compared with $3.9 billion as of March 30, 2008, driven by increased orders on the 787 and H-60 programs, as well as the non-recurring start-up and development activities for the Boeing 747-8.
