SPIRIT 787 WOES

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By TESTCustomwebLP TESTCustomwebLP November 3, 2010 14:31

SPIRIT 787 WOES

Senior executives at Spirit AeroSystems Holdings Inc. (SPR) said yesterday that the level and complexity of design changes is “abating” on the delayed 787 program.

Spirit supplies key parts for the 787 as well as other aircraft from Boeing and Airbus, and like other contractors is seeking compensation for program delays.

“The complexity of the changes is abating…substantially,” said Chief Executive Jeff Turner after Spirit’s third-quarter earnings fell short of expectations, sending its shares down sharply. Chief Financial Officer Phil Anderson said he expected the 787 program to turn cash positive for Spirit next year if the existing delivery schedule holds. “We are clearly still talking with Boeing…on the claims we have,” he said.

Spirit executives acknowledged they suffered from engineering issues in the array of new programs, which include fuselage and wing systems for the 787, the 747-8 and the Airbus A350.

The 787 remains a key headache, and Anderson acknowledged that recent “chatter” about further delays to the program, already almost three years behind schedule, could be harmful if it hits the planned production rate.

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By TESTCustomwebLP TESTCustomwebLP November 3, 2010 14:31
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