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.

Source: Spirit

Deliveries:
2012       Q1:#1.   Q2:#0.    Q3:#1.     Q4:#1

2013       Q1:#2.   Q2:#1.    Q3:#1.     Q4:#4

2014       Q1:#2.   Q2:#5.    Q3:#4.     

Source: Olivier Cabaret

Based on the press release "Spirit AeroSystems Reports Third Quarter 2014 Financial Results".