Spirit AeroSystems Profit Up On Lower Costs

Aircraft parts maker Spirit AeroSystems reported a higher quarterly profit as costs fell and said it would buy back up to USD$350 million of stock.

Spirit's net income rose to USD$154.9 million in the second quarter ended July 2, from USD$143.4 million a year earlier.

Revenue fell 5.8 percent to USD$1.70 billion.

The company, which makes fuselages and propulsion systems for Boeing and Airbus, said total expenses fell 7.5 percent to USD$1.47 billion in the second quarter from a year earlier.

Spirit said last year that it would pay rival Triumph Group USD$160 million in an unusual deal to take over its wings contract for two Gulfstream business jets.

The company put its Tulsa, Oklahoma, operations, including its Gulfstream-related business, up for sale last year but could not find buyers, partly because of the money-losing Gulfstream contract.