Spirit AeroSystems reports full-year 2014 net income of US$359m

Spirit AeroSystems’ operating loss for the fourth quarter of 2014 was (US$273)m compared to operating loss of (US$321)m in the fourth quarter of 2013. Net loss for the quarter was (US$106)m compared to ($587)m in the same period of 2013. The current quarter includes a pretax charge of (US$471)m for the divestiture of Gulfstream programs and (US$30)m negative impact for deferred tax asset valuation allowance not associated with the Gulfstream programs. This is compared to pretax (US$546)m of forward loss charges in the same period of 2013, and a (US$381)m negative impact due to the establishment of a valuation allowance against U.S. net deferred tax assets. Revenue for the full-year 2014 increased 14% to US$6.8bn. Operating income for the full-year was US$354m compared to operating loss of (US$364)m for the prior year. Full-year net income was US$359m compared to net loss of (US$621)m in 2013.