AeroSystems Holdings reported fourth quarter and full-year 2009 financial results reflecting fourth quarter revenue and earnings growth but an overall decline in full-year earnings. Full-year 2009 ship set deliveries for large commercial aircraft increased from 2008 resulting in higher revenues, while full-year income declined as a result of charges recorded in the second quarter, unfavorable contract adjustments in the fourth quarter, and challenges on certain development programs.
Spirit’s fourth quarter 2009 revenues increased to $1.078 billion, up 67% from the same period last year, primarily due to schedule recovery from the Machinists’ strike at Boeing which negatively impacted fourth quarter 2008 deliveries. Full-year 2009 revenues grew 8% to $4.079 billion, up from $3.772 billion in 2008 as total deliveries for large commercial aircraft increased in 2009. Fourth quarter net income was $50 million compared to $20 million for the same period in 2008. Full-year 2009 net income was $192 million compared to $265 million for 2008.
