Spirit AeroSystems reports fourth quarter and full-year 2012 financial results

Spirit AeroSystems reported fourth quarter and full-year 2012 financial results reflecting record revenue on higher ship set deliveries and solid core program operating performance. Spirit’s fourth quarter 2012 revenues were $1.426bn, up from $1.219bn for the same period of 2011 as the company benefited from higher production deliveries during the quarter. Operating income for the fourth quarter of 2012 was $98m including a net pre-tax $34m forward loss associated with development and low rate programs. Net income for the quarter was $61m compared to $60m, in the same period of 2011. The current quarter includes a net pre-tax $34m, of forward loss charges principally on development programs. Revenue for the full-year 2012 increased 11% to $5.398bn. Operating income for the full-year was $92m, significantly lower compared to 2011 due primarily to development program charges of $645m, which was partially offset by the net insurance gain of $146m related to the severe weather event at Spirit’s Wichita, Kan. facility in April 2012. Full-year net income was $35m, compared to $192m in 2011.