Spirit AeroSystems Q2 Revenue Up But Profit Falls

Spirit AeroSystems reported stronger revenue for the second quarter, but a 71 percent drop in net income, caused by one-off items.

Spirit's net income fell to USD$44.8 million in the quarter to June 30, from USD$154.9 million a year earlier.

Total revenue was up 8 percent at USD$1.83 billion.

Spirit said it had reached an agreement with Airbus on the A350 XWB that will increase the company’s order to 800 shipsets. A shipset is a set of parts that Spirit manufactures for each aircraft.

As part of the Airbus contract, Spirit recorded an additional net forward loss of USD$135.7 million in the quarter.

Deliveries of shipsets were up 11 percent in the quarter, with Boeing up only two shipsets to 198, but shipments to Airbus up 154 to 188.