Spirit AeroSystems reports 2nd quarter results

Spirit AeroSystems Holdings, reported second quarter 2013 financial results reflecting continued strong demand for large commercial aircraft, strong mature program operating performance, and the impact of new program charges. Spirit’s second quarter 2013 revenues were $1.521bn, up 13% from $1.341bn for the same period of 2012, driven by higher production volumes and non-production revenues. Operating loss was $-239m, compared to operating income of $83m for the same period in 2012, driven by new program pre-tax charges of approximately $-448m, partially offset by a net pre-tax $41m favorable cumulative catch-up adjustment, due to improvements in productivity and efficiency on mature programs. Net loss for the current quarter was $-209m, compared to net income of $35m in the same period of 2012. Spirit’s backlog at the end of the second quarter of 2013 was approximately $38bn.