Volume 04, Issue 10
Spirit AeroSystems results beat expectations
Spirit AeroSystems, formerly Boeing's Commercial Airplanes operation in Wichita, Kan., turned in a higher-than-expected financial performance in its first six months of business, Spirit officials said last month, according to the Wichita Eagle.
Spirit's 2005 sales and earnings exceeded expectations, company CEO Jeff Turner said during a webcast of year-end financial results for Spirit parent company Onex Corp. Productivity initiatives and tight inventory and expense control helped the company's performance, Turner said in the Eagle report.
Spirit had revenue of $1.2 billion last year and losses of about $860,000, according to the Eagle's account of Onex's results.
"We're very pleased with how Jeff and his team have gotten off to a running start with Spirit," said Onex Corp. managing director Nigel Wright in the Eagle article.
Spirit recently said it would buy BAE Systems Aerostructures' wing component business in Europe for $142 million. Spirit expects to fund the buy without taking on additional debt, Onex said in a news release. About 80 percent of BAE Systems' business is with Airbus.
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