Spirit Aero Q1 Earnings Down 5 Percent

Aircraft parts maker Spirit AeroSystems reported first quarter net income down 5 percent at USD$171.6 million.

Total revenue fell 3.5 percent to USD$1.68 billion.

Spirit makes fuselage parts and some other structural components for Airbus's wide-body A350 XWB planes. The company also makes the wing framework for other aircraft.

About 11 percent of Spirit's 2015 revenue came from Airbus.

Spirit said ship-set deliveries — or complete sets of parts for each aircraft — to Airbus rose to 184 units in the first quarter ended March 31, from 174, a year earlier.

Ship-set deliveries to Boeing, Spirit's biggest customer, fell to 198 units in the quarter from 201 in the previous quarter as the plane maker cut production this year to switch to upgraded models.

Boeing said last month it had ended an agreement with Spirit for the manufacture of spare parts.