Spirit AeroSystems reports first quarter 2015 results

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By TESTCustomwebLP TESTCustomwebLP April 30, 2015 20:14

Spirit AeroSystems reports first quarter 2015 results

Spirit AeroSystems has reported first quarter 2015 revenues of $1.7 billion up one percent compared to the same period of 2014.

Operating income was $235 million, up from $194 million for the same period in 2014. Net income for the quarter was $182 million, or $1.30 per fully diluted share, compared to net income of $154 million, or $1.07 per fully diluted share, in the same period of 2014.

“We are making good progress on our operational delivery, quality and productivity. We are aligning and strengthening what we do best to ensure we’re fully maximizing our value proposition,” said President and Chief Executive Officer Larry Lawson. “We continue to drive the enterprise to find the most efficient and productive approaches for the rate increases on 737, A320, 787, and A350. In addition to investments to support rate, we are investing in automation projects of over $100 million. These automation projects will return our investment in three to four years and continue to differentiate our manufacturing capability,” Lawson concluded.

Spirit’s backlog at the end of the first quarter was $46 billion driven by strong commercial aerospace demand.

Free cash flow was a $384 million source of cash for the first quarter of 2015, compared to a ($8) million use of cash in the first quarter of 2014 due to tax refunds associated with the Gulfstream divestiture and reduction in accounts receivable.

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By TESTCustomwebLP TESTCustomwebLP April 30, 2015 20:14