Spirit AeroSystems net income down to $35 million from $56 million a year ago

Spirit’s first quarter 2011 revenues were $1.050 billion, slightly up from $1.043 billion for the same period of 2010 primarily driven by model mix. Operating income was $70 million, compared to $93 million for the same period in 2010, as the company recognized a $28 million pre-tax charge on the CH-53K program and realized higher R&D expense associated with 787-9 development in the current quarter. Net income for the quarter was $35 million compared to $56 million in the same period of 2010, as the current period also included increased interest expense associated with increased debt outstanding and a higher effective tax rate.