WICHITA, Kansas, January 16 /PRNewswire/ --
Spirit AeroSystems (NYSE: SPR) announced today that it will continue to work with Boeing to assess the 787 program schedule.
Spirit President and CEO Jeff Turner said, "Although the additional delays in first flight and first delivery are disappointing for all of us, I continue to be pleased with Spirit's overall performance on the program. Specifically, our structures' design/build efforts are progressing well as we continue to work with our supply chain to meet program ramp-up requirements. Our major focus areas continue to be accommodating engineering changes and timely receipt of systems and wiring for installation."
As a result of the program's schedule revisions, Spirit delivered two forward fuselage ground test units and one of the two flight test units that were anticipated in the 2007 guidance released in conjunction with third quarter 2007 financial results. The schedule revisions will not have a material impact on 2007 earnings. Spirit will be working with Boeing to assess the need for revised delivery schedules for 2008. After the assessment is complete, Spirit will, if necessary, provide updates to its 2008 revenue and earnings guidance. Discussions between Spirit and Boeing concerning impacts to Spirit's cash flow are ongoing.
"I have tremendous confidence in the 787 and Spirit's ability to deliver to our customer's requirements," Turner said. "This is a terrific airplane, with a strong backlog and we are committed to its success."
Spirit will release 4th quarter and full year 2007 financial results on February 7, 2008.
About Spirit AeroSystems Inc.
Based in Wichita, Kan., Spirit AeroSystems is the world's largest independent supplier of large component parts and assemblies for commercial aircraft. Spirit also designs and builds structures for military programs. In addition to its Kansas facility, Spirit has facilities in Oklahoma and the U.K.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements that reflect the plans and expectations of Spirit AeroSystems Holdings, Inc. To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," "continue," or other similar words. These statements reflect Spirit AeroSystems Holdings, Inc.'s current view with respect to future events and are subject to risks and uncertainties, both known and unknown. Such risks and uncertainties may cause the actual results of Spirit AeroSystems Holdings, Inc. to vary materially from those anticipated in forward-looking statements, and therefore we caution investors not to place undue reliance on them. Potential risks and uncertainties include, but are not limited to: our customers' aircraft build rates; the ability to enter into supply arrangements with additional customers and satisfy performance requirements under existing contracts; any adverse impact on our customers' production of aircraft; the success and timely progression of our customers' new programs including, but not limited to The Boeing Company's 787 aircraft program; future levels of business in the aerospace and commercial transport industries; competition from original equipment manufacturers and other aerostructures suppliers; the effect of governmental laws; the effect of new commercial and business aircraft development programs; the cost and availability of raw materials; the ability to recruit and retain highly skilled employees and relationships with unions; spending by the United States and other governments on defense; the continuing ability to operate successfully as a stand alone company; the outcome of ongoing or future litigation and regulatory actions; and exposure to potential product liability claims. Additional information as to factors that may cause actual results to differ materially from our forward-looking statements can be found in Spirit AeroSystems Holdings, Inc.'s filings with the United States Securities and Exchange Commission. Spirit AeroSystems Holdings, Inc. undertakes no obligation and does not intend to update publicly any forward-looking statements after the date of this press release, except as required by law.
