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03 November 2014
A350 Spirit Aerosystem deliveries down in Q3. Ramp-up or ramp-down?
Spirit AeroSystems has reported Q3/2014 financial results reflecting continued healthy demand for large commercial aircraft and strong mature program operating performance. Spirit's Q3/2014 revenues were $1.7 billion, up from $1.5 billion for the same period in 2013 on higher deliveries.
Source: Spirit Aero
Operating income was $216 million, up from $51 million for the same period in 2013. Net income for the quarter was $168 million, or $1.20 per fully diluted share.
Source: Olivier Cabaret
During the results presentation, Spirit's CEO said: "Our performance on the A350 continues to track to plan. We've delivered 11 A350 units to Airbus this year, a total of 22 units overall, and you can see the improvement in our financial results with a 50% reduction in deferred cost per ship set versus last quarter. The improvement was primarily driven by a reduction in travel work and engineering change travel. I'll continue to stress, it's early and we have a lot more work to do."
But 4 ship sets delivered in Q3/2014 are less than 5 ship sets delivered in Q2/2014. The series ramp-up in A350 should increase the manufacturing and deliveries of parts to pre-FAL until 2 ship sets per month by end of this year.