Spirit AeroSystems Q2 2019 net income of USD 168m

Spirit AeroSystems Holdings, Inc. [NYSE: SPR] has reported second quarter 2019 net income of USD 168m, compared to USD 145m in the second quarter 2018, an increase of 16%, the company said.

Year-to-date 2019 net income reported was USD 331m, compared to USD 271m in the second quarter 2018, a 22% increase.

Second quarter 2019 revenues were USD 2,016m, a 10% increase over USD 1,837m in the second quarter 2018. Year-to-date revenues in 2019 were USD 3,984m, a 12% increase over USD 3,573m in second quarter 2018 revenues.

Operating income in the second quarter 2019 was USD 226m, a 4% increase over USD 218m reported in the second quarter 2019. Year-to-date 2019 operating income was USD 459m, compared to USD 377m in the same period of 2018, an increase of 22%.

As a result of the 737 MAX grounding and subsequent Memorandum of Agreement with Boeing in April 2019, Spirit implemented cost-reduction plans to mitigate the impact of the lower 737 production schedule. These actions include reduced levels of overtime and contractors, a voluntary retirement plan, shortened work weeks for certain employees, a hiring freeze, deferred capital spend, and working capital improvements.

In June 2019, Asco experienced a cyberattack leading to the shutdown of its facilities in Belgium, Germany, the US, and Canada. Asco is working to restore its operations and systems back to full capacity. The attack caused delays in Asco´s ability to continue the process of data segregation required by the European Commission to close the transaction.