Spirit AeroSystems reports first quarter 2014 revenues of $1.7bn

Spirit AeroSystems reported first quarter 2014 financial results demonstrating continued robust demand for large commercial aircraft and strong mature program operating performance. Spirit’s first quarter 2014 revenues were $1.7bn, up from $1.4bn for the same period of 2013 on higher production volumes and four additional workdays in the quarter. Operating income was $194m, up from $145m for the same period in 2013, driven by increased volume and favorable cumulative catch-up adjustments on mature programs. Net income for the quarter was $154m, compared to net income of $81m in the same period of 2013. The increase in current quarter income includes tax benefits from the Malaysian tax holiday and the partial release of the deferred tax valuation allowance, which were partially offset by the cost of the previously announced debt refinancing. Spirit’s backlog at the end of the first quarter of 2014 was approximately $41bn. Spirit calculates backlog based on current contractual prices for products and volumes from the published firm order backlogs of Airbus and Boeing, along with firm orders from other customers.