Spirit AeroSystems reports 3rd quarter financial results

Spirit AeroSystems Holdings reported third quarter 2011 financial results reflecting solid core operating performance and strong demand for large commercial aircraft. Revenues were $1.130bn, up from $1.002bn for the same period of 2010 as the company benefited from higher production deliveries during the quarter. Operating income was $121m, compared to $82m for the same period in 2010, primarily driven by increased volume and model mix. In comparison, the third quarter of 2010 operating income included a $6m one-time expense and a $4m unfavorable cumulative catch-up adjustment associated with new program development. Net income for the quarter was $67m compared to $46m in the same period of 2010. Current quarter net income reflects higher interest expense associated with increased long-term debt, partially offset by a lower effective tax rate as compared to the third quarter of 2010.