Spirit AeroSystems expands operations
July 20, 2011, Wichita, Kan. - Spirit AeroSystems today announced that it will record a pre-tax charge of approximately $53 million, or $0.26 per share in the second quarter 2011 as it recognizes additional cost growth on the Gulfstream G250 wing program and establishes program management and production at its North Carolina facility.
The company expects to report fully diluted earnings per share for the second quarter of between $0.19 and $0.21 per share, including the impact of the charge.
"We have evaluated a variety of options to offset the development cost growth and to improve manufacturing costs on the program, while creating the necessary capacity in our Tulsa, Okla., facility for multiple growth programs," said Phil Anderson, Senior Vice President and Chief Financial Officer. "The transition of the G250 wing to North Carolina is the right long-term cost mitigation plan and the best long-term solution for our customer and Spirit as we manage the company's growth."
These costs will be recorded as additional forward-loss in the company's Wing Segment in the second quarter 2011 results.
The company will update its 2011 full year guidance when it reports second quarter 2011 results on Aug. 4, 2011.