Spirit AeroSystems Holdings first quarter revenues up 14%

Spirit AeroSystems Holdings reported first quarter 2013 financial results reflecting continued strong demand for large commercial aircraft and strong core program operating performance. Spirit’s first quarter 2013 revenues were $1.442bn, up 14% from $1.266bn for the same period of 2012, driven by higher production volumes and model mix. Operating income was $145m, up from $122m for the same period in 2012, driven by increased volume and productivity and efficiency on core programs, partially offset by a net pre-tax ($15)m additional forward-loss on the 787 program related to the wing. Net income for the quarter was $81m, compared to net income of $74m in the same period of 2012. The increase in current quarter income was partially offset by the negative impact of foreign currency exchange rates.