Spirit AeroSystems Holdings’ second quarter 2011 revenues were $1.466 billion, up from $1.056 billion for the same period of 2010 as the company recognized the deferred revenue associated with the 787 program and benefited from slightly higher production deliveries and non-production revenues during the quarter.
Operating income was $64 million, compared to $86 million for the same period in 2010. Net income for the quarter was $30 million, or $0.21 per fully diluted share, compared to $55 million, or $0.39 per fully diluted share, in the same period of 2010.
Spirit’s backlog at the end of the second quarter of 2011 increased by 3 percent to $29 billion as orders exceeded deliveries. Spirit calculates its backlog based on contractual prices for products and volumes from the published firm order backlogs of Airbus and Boeing, along with firm orders from other customers.
Cash flow from operations was a $114 million use of cash for the second quarter of 2011, compared to a $7 million use of cash for the second quarter of 2010. The current quarter compared to the same period of 2010 includes increased inventory on new programs and the impacts of timing of accounts receivable and accounts payable.