Spirit AeroSystems reports second quarter net income of US$155m up 8%

Spirit AeroSystems reported second quarter financial results driven by positive operating performance of mature programs. Spirit’s second quarter 2015 revenues were US$1.7bn, down 6% compared to the same period of 2014 primarily due to the Gulfstream wing divestiture and lower revenues recognized on the 787 program. Operating income was US$230m, up from US$216m for the same period in 2014. Net income for the quarter was US$155 million, compared to net income of US$143m in the same period of 2014. The current quarter includes $0.02 earnings per share for the partial release of the deferred tax valuation allowance as compared to $0.03 for same period of 2014. Spirit’s backlog increased to US$47bn at the end of the second quarter driven by continued strong commercial aerospace demand.