Spirit AeroSystems (Almost) Reports Earnings
Shares of Wichita, Kan.-based Spirit AeroSystems slipped 3% in Tuesday trading, after the company announced it is postponing the release of its second-quarter earnings announcement. Spirit said the decision was necessitated by the fact that its auditors have not yet completed the review of the company's financials for last quarter.
That said, Spirit did tell investors what to expect when it does file its official earnings release. Q3 2012 revenues are expected to be up 13% at $1.5 billion, helped by higher production volumes. Revenue growth may continue in the future, as Spirit notes that its backlog of work to be done is increased by $2 billion to $38 billion.
As for earnings, Spirit noted that its operating performance would have "improved" in Q2, but for the fact that the company had to record between $350 million and $400 million in pre-tax charges related to "Gulfstream business jet programs."
In related news, Spirit advised that it is now in the process of divesting its Oklahoma operations, including facilities in Tulsa and McAlester, "part of the broader strategic and financial review announced by the company in May of 2013."
The article Spirit AeroSystems (Almost) Reports Earnings originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Spirit AeroSystems Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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