Cites Costs Related To Initial Public Offering

Aircraft and aircraft parts manufacturer Spirit AeroSystems posted a fourth-quarter loss Thursday, as costs of its November initial public offering hurt results. The news comes as the company also reports impressive growth in sales.

The company's loss totaled $69.4 million, reported the Associated Press, versus a year-earlier quarter loss of $46.9 million. Revenue at the Wichita-based company, however, benefited from higher-than-expected commercial deliveries last year by Boeing, its biggest customer.

Spirit makes wing components for Boeing's new 787 Dreamliner at its Tulsa plant, work that is valued at $8 - $9 million per plane.

Under CEO Jeff Turner, Spirit is trying to diversify the company's customers to include more Airbus SAS content, along with business and regional aircraft, reports the Wichita Eagle.

"Demand for commercial aircraft remains strong, and the market continues to be robust," Turner said.

Spirit saw production rate increases on Boeing's 737 and 777 as well as increased margins. It won new business from existing and new customers, Turner said, although the company is not identifying the companies or the work.

Spirit officials told employees last year that it has won work from Rolls Royce on engine nacelles, or coverings, sources told The Eagle at the time.

Spirit also is working to expand its customers and add new work, including work on Airbus' new aircraft, the A350.

"We have a number of opportunities," Turner said.

Spirit is adding equipment and tools to take on more work.

Last year, Spirit acquired the wing-making unit of BAE Systems to gain supply agreements with Toulouse, France-based Airbus. The acquisition helped add $313 million to sales last year, Spirit reported.

Spirit forecasts 2007 sales of $4 billion to $4.1 billion, about 25 percent higher than last year, spurred by rising demand for Airbus and Boeing airliners.

The forecast accounts for the initial shipment of Boeing 787 parts and other production increases at Boeing and Airbus.

FMI: www.spiritaero.com