Spirit AeroSystems to Recognize First Quarter Charge on Helicopter Development Program; 2011 EPS Guidance Unchanged
April 06, 2011 7:36 AM
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) today announced it expects a pre-tax charge of approximately $28 million, or $0.13 per share associated with the development effort on the CH-53K helicopter program.
The additional costs associated with this change have resulted in a loss program for Spirit on the Systems Development and Demonstration (SDD) contract. Spirit won the ~$150 million firm fixed-price contract in May 2007 and delivered the first of seven CH-53K test articles in December 2010.
The company expects to achieve its 2011 fully diluted earnings per share guidance of $1.70-1.90. Spirit will release its first quarter 2011 financial results, including the impact of the charge, at its next quarterly financial performance announcement on May 5, 2011.
