Spirit AeroSystems posts lower net income for first quarter

Spirit AeroSystems reported first quarter 2016 financial results driven by strong operating performance of mature programs. Spirit’s first quarter 2016 revenues were US$1.7bn, down 3% compared to the same period of 2015. Operating income for the first quarter of 2016 was $267 million, compared to US$235m in the first quarter of 2015. Net income for the quarter was US$172m compared to net income of US$182m in the same period of 2015. Spirit’s backlog at the end of the first quarter of 2016 was approximately US$46bn. Free cash flow from operations was a US$43m source of cash for the first quarter of 2016, compared to a US$383m source of cash in the first quarter of 2015, with the decrease primarily due to tax refunds in 2015 associated with the Gulfstream divestiture.