Spirit AeroSystems reports first quarter 2010 financial results

Spirit AeroSystems reported first quarter 2010 financial results reflecting revenue growth, as ship set deliveries for large commercial aircraft increased from the same period in 2009. Spirit’s first quarter 2010 revenues increased to $1.043 billion, up from $887 million for the same period of 2009, as deliveries in the prior year quarter were negatively impacted by the residual effects of the Machinists’ strike at Boeing. Operating income was $93 million, compared to $98 million for the same period in 2009, reflecting the expected profitability of the current contract accounting blocks. Net income for the quarter was $56 million compared to $63 million in the same period of 2009.