Thursday, May 03, 2012

Wall Street Journal: Boeing Supplier's Profit Jumps

By JON OSTROWER

Spirit AeroSystems Inc. said its first-quarter profit more than doubled, though the aerospace supplier was mum on the cost of the storms that ripped through its main Wichita plant last month, forcing it to halt production for nine days.

The Kansas-based company said it wouldn't provide guidance on the financial impact of the storms that caused "significant" damage to its facilities until it reports second-quarter earnings.

Spirit is the largest supplier to Boeing Co. and makes parts for Airbus, Bombardier Inc. and other manufacturers that are riding an unprecedented boom in aircraft orders.

The company reported a forecast-beating profit of $73.6 million, up from $34.6 million in the year-earlier first quarter. Per-share earnings rose to 52 cents from 24 cents. Revenue rose 21% to $1.27 billion, and its backlog climbed 4% to end the quarter at $33 billion.

The latest quarter included another $14 million in special charges for development work on the Boeing 747-8 jumbo and the Gulfstream G250 business jet. Operating income rose 76% to $122 million.

Excluding the storm impact, full-year earnings' guidance was left unchanged at $2 to $2.15 a share.

http://online.wsj.com

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